Question: 1. Understand internal control activities and limitations on internal controls 2. Know what classifies as Cash and cash equivalents. 3. Understand what classifies as a

1. Understand internal control activities and limitations on internal controls 2. Know what classifies as "Cash and cash equivalents." 3. Understand what classifies as a cash sale and how to record it. 4. Understand that the sale is ALWAYS recorded at the agreed upon price. 5. Understand the difference between accepting credit cards as a form of payment from customers and the company using a credit card to purchase. 6. Be able to classify reconciling items correctly and complete a bank reconciliation. 7. Be able to classify cash flow activities into operating, investing, and financing cash flows

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