Please study the 15 vocabulary terms below. Then press the Mark Complete button to continue.
- bank reconciliation
- the process of comparing the actual state of the bank account with the bank nominal code in the accounts
- cash in hand
- the amount of liquid equity held by an entity at a certain point of time
- cross-check
- verify by comparing two sets of data
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After James had finished the bank reconciliation, it became clear the company had a major cash flow problem.
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The accounts showed a large profit for the year, but as the company had spent a lot on new assets there was a lack of cash in hand.
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Each month the accounts supervisor cross-checks the records which were posted against the nominal code assigned.
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