I’m working on a Accounting question and need guidance to help me study.
- Select a company with which you are familiar and describe the internal controls that you are aware of within the company. For example, if you go through the drive-through at a McDonald’s the total cost of your meal is presented for you to see before you pay. The purpose of this control would be to help ensure that the cashier did not ring up one amount and tell you a different (higher) figure pocketing the difference. 1.A) What is the purpose of preparing a bank reconciliation? How often should one be prepared? Who should not prepare one? Why?
- Class, how do companies account for bad debt? Why would they use an allowance account instead of directly crediting A/R? What are the various methods of accounting for bad debt? Describe the differences in how the expense is calculated.
Each question must be answered separately in minimum of 200 words (no quotes) that indicates an understanding of the concepts and materials !!!