Simplify

question 204

Essay

Simplify:

---

Definitions:

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented in a bank statement to find discrepancies.

Internal Control

A system of policies and procedures implemented by an entity to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Policies and Procedures

Guidelines and processes set by an organization to ensure its operations comply with regulations and are consistent with its objectives.

NSF Check

A check that has been returned without being honored due to insufficient funds in the account it was drawn against.