Various internal control procedures with respect to cash receipts

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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?
• Provide three example journal entries with a description of the adjustment.

 

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