Answer :
Final answer:
Reconciliation ensures financial account balances match bank statements by comparing and adjusting records to prevent discrepancies and manage cash flow.
Explanation:
Reconciliation is the term that refers to the process of ensuring the balance of a financial account matches the balance on a bank statement. It involves comparing and adjusting the account records to match the bank's records.
One important aspect of reconciliation is balancing your checkbook regularly to manage money effectively and avoid overdraft fees. This process is crucial for individuals and businesses to maintain accurate financial records.
By reconciling accounts, individuals can track cash flow, identify discrepancies, and ensure financial stability by aligning their records with the bank's records.
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