What is internal control and how can it protect a company’s assets?
What are the various internal control procedures with respect to cash receipts and payments?
When preparing a bank reconciliation, what are the different adjustments that affect the book and bank side?
Why do journal entries need to be prepared after completing the bank reconciliation?
Provide three example journal entries with a description of the adjustment.
What is the difference between the direct write-off method and the allowance method for receivables?
Give example journal entries for both.
