When a Contract Has Been Performed in All but a Minor

question 10

Short Answer

When a contract has been performed in all but a minor aspect of it, this is known as ________.

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Definitions:

Bank Account

A financial account maintained by a banking institution in which the account holder can deposit or withdraw money.

Cash

Money in the form of bills or coins; physical currency.

Check Outstanding

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer, which has been issued but not yet cashed or cleared.

Bank Reconciliation

The analysis that details the items responsible for the difference between the cash balance reported in the bank statement and the balance of the cash account in the ledger.