Question: Please explain the difference between temporary and permanent accounts Please explain how periodic and perpetual inventory systems are different? Please explain the reason why a

  1. Please explain the difference between temporary and permanent accounts
  2. Please explain how periodic and perpetual inventory systems are different?
  3. Please explain the reason why a merchandising company prepares a cost of goods section for the income statement.Please provide an example of a perpetual cost of goods section looks like.
  4. Please explain the four merchandise inventory methods and provide an example for each. Can you explain how financial statements affected by using the four different methods
  5. Please explain what an internal control is and how can it protect a company's assets.Can you go into detail about some of the various internal control procedure with respect to cash receipts and payments?
  6. Please explain what are the different adjustments that affect the book and bank side, when preparing a bank reconciliation, and explain whyjournal entries need to be prepared after completing the bank reconciliation?

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