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Define internal controls and describe its key components

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Reference no: EM132023766

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Over the years bank reconciliation has become less of a personal priority. Please explain changes which have occurred which have lead to less reconciliation and more reliability on the information available from your financial institution.

As a result of the bank reconciliation, where does one determine the adjustments that must be journalized in the accounting records?

In reviewing a bank statement, if you notice a deposit listed for $400 that you did not make and it has been credited in error to your account, would a person have an ethical or legal obligation to inform the bank of the error. Which action do would be best to take?

Explain the importance of internal control and provide examples of internal controls that an employer has in place.

Define Internal Controls and describe its key components.

Reference no: EM132023766

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