What are two limitations of internal control?
Answer to relevant QuestionsWhat internal control functions are performed by a cash register and point- of- sale system? How are these functions performed when cash is received by mail? What are the arguments for and against replenishing all petty cash funds at the end of each accounting period? Use your answer to M5- 12 to prepare any journal entries needed as a result of the May 31 bank reconciliation. Match each of the following cash payment activities to the internal control principle to which it best relates. Enter the appropriate letter in the space provided. Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: Required: 1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank ...
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