Ashford ACC 205 Week 4 Discussions

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ACC 205 Week 4 Discussion 1 

 

Week 4 D1Q:

  • 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.
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