POINTS TO CONSIDER:
Question 1 – Why do companies need internal control?
Question 2 – What is the use of a bank reconciliation statement?
Question 3 – What is the use of a petty cash fund?
Question 4 – What is wrong in the following scenario?
Jack O.A. Trade is an accountant is a small enterprise. Aside from keeping the books and preparing the financial statements, he is also in charge of removing and counting the cash from the cash register at the end of each day; comparing the cash with the duplicate sales slips used for recording cash sales; and depositing the cash with the enterprise’ depository bank the next banking day. His duties also include releasing checks to the suppliers which he could sign in the absence of the owner and preparing the bank reconciliation statement at the end of each month.
be detailed when answering
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