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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ORDER OF LIQUIDITY is when items on a balance sheet are listed in order of liquidity. After cash, the other current assets are listed in order of liquidity or nearness to cash (i.e. Accounts Receivable first, then Inventory).

BAY, in business / accounting, means Buy Another Yearly.

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