Bank reconciliation is the process of comparing the balance as per the company’s cash book with the balance shown in the bank statement. The purpose is to identify differences such as unpresented cheques, bank charges, direct deposits, or recording errors. Regular reconciliation is essential for maintaining accuracy, detecting fraud, and ensuring cash records are complete.
Budgetary Control
Budgetary control is the process of comparing actual performance with budgeted figures and taking action where differences arise. It helps management control spending, improve...
Bribery
Bribery is the offering, giving, receiving, or soliciting of something of value to improperly influence a business or official decision. It is illegal and...
Break Even Point
The break even point is the level of sales or output at which total revenue equals total costs, meaning there is no profit and...
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