Question: Define internal control and explain why it is important
Define internal control and explain why it is important.
Answer to relevant QuestionsMultiple Choice Questions1. If revenue exceeds expenses for a given period,a. Total assets for the period will decrease.b. Cash for the period will increase.c. The income statement will report net income.d. Liabilities for ...Wasil Company provided services on account for a customer that amounted to $1,000. How would this transaction be shown in the accounting equation?For each of the following line items, give the financial statement on which it would appear. Salary expense ......... Service revenueSales revenue ......... Accounts payableCost of goods sold ....... Net cash from financing ...Given the following information, compute the current ratio for the two years shown. Explain the trend in the ratio for both years and what you think itmeans.The following accounts and balances were taken from the financial statements of Books & Media, Inc. For each item, identify the financial statement(s) on which the item would appear. Then, identify each balance sheet item as ...
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