Question: Chapter 7 : What is internal control? What is an imprest petty cash system? What is the difference between establishing and replenishing the petty cash

Chapter 7:

  1. What is internal control?

  1. What is an imprest petty cash system?

  1. What is the difference between establishing and replenishing the petty cash fund?

  1. How does the preparation of a bank reconciliation strengthen the internal control of cash?

  1. What are some reconciling items that appear in a bank reconciliation?

  1. What are the steps in preparing a bank reconciliation?

  1. What is an NSF cheque?

  1. How does use of allowance for doubtful accounts match expenses with revenue?

  1. How does the income statement method calculate the estimated amount of uncollectible accounts?

  1. What is an ageing schedule for bad debts, and how is it used in calculating the estimated amount of uncollectible accounts?

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