What is the difference between temporary and permanent accounts?

How are periodic and perpetual inventory systems different?

Why does a merchandising company prepare a cost of goods section for the income statement?

Can you provide an example of a perpetual cost of goods section.

Explain the four merchandise inventory methods and provide an example for each.

How are financial statements affected by using the four different methods?

What is internal control and how can it protect a company's assets?

What are the various internal control procedures with respect to cash receipts and payments?

When preparing a bank reconciliation, what are the different adjustments that affect the book and bank side?

Why do journal entries need to be prepared after completing the bank reconciliation?