BANK RECONCILIATION Definition

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BANK RECONCILIATION is the verification of a bank statement balance and the depositor's checkbook balance.

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EXCEPT FOR is a qualified opinion. An auditor can qualify the audit opinion for both departures from U.S. GAAP in the financial statements and restrictions on the scope of the audit. The opinion paragraph of the qualified report is worded "In our opinion, except for..."

BANK OVERDRAFT see OVERDRAFT.

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