Flowcharting an Accounting Transaction Process

Utilizing the basic symbols and specialized symbols for flowcharting found in Chapter 2 of the Bodnar and Hopwood textbook, select an accounting transaction process (e.g. sales on account, collection of accounts receivables) and prepare a flowchart of the transaction process. Make sure the flow chart covers all aspects of customer service, vendor relations and the internal control process.

In written narrative, using supporting research, analyze the importance of specific internal controls for this transaction process and how effective controls can prevent inaccurate financial reporting