reconciliation

Vocabulary Word

Definition

In a broader sense, 'reconciliation' refers to the restoration of friendly relations or agreement. It could be between individuals, or even between groups or nations. It may involve resolving disagreements or discrepancies.

Examples in Different Contexts

In accounting, 'reconciliation' is imperative. A financial analyst might say, 'Regular account reconciliation is crucial for verifying transaction accuracy, detecting discrepancies early, and maintaining accurate financial statements.'

Practice Scenarios

Tech

Scenario:

The data in our primary and backup databases aren't aligning. We need to validate the data integrity.

Response:

You're right! We should set up a data reconciliation protocol to ensure consistency across our databases.

Public-Policy

Scenario:

Relations between the two countries have been tense. Implementing policies for peaceful coexistence should be our priority.

Response:

Indeed. Reconciliation policies focusing on shared interests could be our best approach.