Unit 8: Vocabulary

Please study the 15 vocabulary terms below. Then press the Mark Complete button to continue.
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UK
bank reconciliation
the process of comparing the actual state of the bank account with the bank nominal code in the accounts
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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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cash in hand
the amount of liquid equity held by an entity at a certain point of time
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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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cross-check
verify by comparing two sets of data
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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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