PARITY BIT Definition

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PARITY BIT is a redundant bit added to a string of bits to increase the accuracy of data transmission.

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

ERROR is unintentional misstatements or omissions in financial statements. Errors may involve mistakes in gathering or processing accounting data, incorrect estimates from oversight or misinterpretation of facts, and mistakes in application of principles relating to amount, classification, presentation or disclosure.

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