What is the purpose of a bank reconciliation

Assignment Help Accounting Basics
Reference no: EM132483074

Question - The concept of Internal Control is the policies, procedures and practices that a company (management) puts in place to make sure that company assets are protected and that the company's accounting records are true and accurate. The Sarbanes-Oxley Act emphasizes how important Internal Controls are and the penalties that can be imposed on a company for not following good internal control practices.

1. Out of all of the internal control procedures and practices, which 3 are the most important. Explain why they are the most important.

2. What is the purpose of a bank reconciliation? How is a bank statement related to internal controls?

Reference no: EM132483074

Questions Cloud

How much money will you have in your savings account : If you invest $14,489 today at an interest rate of 8.60 percent, compounded daily, how much money will you have in your savings account in 9 years?
What is the margin of safety : Rollag Corp. has a selling price of $11 and variable costs of $7.70 per unit. When 14,000 units are sold, profits equaled $12,900. What is the margin of safety
Beta of the well-diversified portfolio : The standard deviation on the factor portfolio is 12%. The beta of the well-diversified portfolio is approximately
What is the share price : After that, the company has promised to pay a fixed dividend of $4 annually. If the cost of equity is 15%, what is the share price?
What is the purpose of a bank reconciliation : What is the purpose of a bank reconciliation? How is a bank statement related to internal controls? Explain why they are the most important
Explain the payback period model : Explain the payback period model and its two significant weaknesses. How does the discounted payback period model addresses one of the problems?
Active portion of the optimal risky portfolio : What is the beta of the active portion of the optimal risky portfolio?
How many periods would it take for the deposit to grow : Pays 12% interest annually. How many periods would it take for the deposit to grow to $6,798 if the interest is compounded semiannually?
Calculate the Medicare tax for the weekly pay period : Caleb Griffin's filing status is married filing jointly, and he has earned gross pay of $3,300. Calculate the Medicare tax for the weekly pay period

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd