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What is required in setting up subsidiary ledgers

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Reference no: EM132736261

Question: (1) Please list the controls/procedures that you could adopt in a business for the handling of Electronic payments, Cheques and Cash.

(2) Please advise what is required in setting up subsidiary ledgers. How are transactions now processed?

(3) What steps would you take if, the total of the subsidiary ledger did not reconcile with the control account balance?

(4) Provide 3 examples that would give rise to a difference between a bank statement and the bank ledger account of a business.

(5) Consider this statement:

'Interim reports' are described as 'interim' because end of year processes have not yet been completed.

Reference no: EM132736261

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