1. When do we make adjusting journal entries? 2. When do we make closing journal entries? 3. What are the main differences between the adjusting entries and the closing entries? 4. What are reverse journal entries? Are these required by GAAP? 1. What are computerized accounting systems? 2. Are computerized accounting systems different than manual accounting systems? How are these different? 3. Which option is better for small business owners, computerized or manual accounting system? Why? Support your answer with proper citations. 1. What is inventory shrinkage? 2. What are some of the reasons for inventory shrinkage? 3. How do we record and report inventory shrinkage? 4. Which accounts are affected? 5. Provide examples of some procedures that can avoid inventory shrinkage. Support your answers. 1. What is a periodic inventory system? What kind of businesses use periodic inventory systems? 2. What is a perpetual inventory system? What kind of businesses use perpetual inventory systems? 3. What are the main differences between these systems? Elaborate your answer. Include the recording and reporting requirements when a sale is made under each one. 1. What is a Bank Reconciliation? 2. What is the purpose of preparing a bank reconciliation? 3. Which account is the main focus of a bank reconciliation? Why? 4. Explain the importance of monthly bank reconciliations. 5. Provide 2 examples in which a business must make journal entries during a bank reconciliation