glossary

Reconciliation

Reconciliation is the process of comparing two sets of records or balances to confirm that they agree and to identify any differences. Common examples include bank reconciliation, vendor reconciliation, and ledger-to-subledger reconciliation. It is a core control activity because it helps detect errors, omissions, fraud, and timing differences.

Related Items

Running Costs

Running costs are the ongoing day-to-day expenses required to operate a business, asset, vehicle, machine, or department. Examples include fuel, electricity, maintenance, salaries, consumables,...

Royalty

Royalty is a payment made to the owner of an asset, right, or intellectual property for the use of that asset by another party....

Risk Assessment

Risk assessment is the process of identifying, analyzing, and evaluating risks that could affect the financial, operational, legal, or strategic position of a business....

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