Question

Everything, including accounting for cash, has its parallel in our spheres of living on which we...

Everything, including accounting for cash, has its parallel in our spheres of living on which we may draw to use as an example for reason of clarity.

Required:

Think of a common-place experience in your spheres of living that you can use to explain your understanding of bank reconciliation. I think of auditing as a process that provides an example as to what is bank reconciliation. What is your example?

Homework Answers

Answer #1

One instance of bank reconciliation I have witnessed is about movie hall. That gives a nice reflection of how should a bank reconciliation should be made professionally.

At the end of the day, accountant and cashier verify number of shows, number of seats booked per show and then match with the amount received. When it gets tallied, the cashier deposits the money into bank account. At regular intervals, like weekly, bank statement is tallied with the cash book of the movie Hall. If any discrepancy is found, the reasons are investigated. This is like an internal control over the cash account.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What do you perceive as an immediate threat confronting modern organizations now? What about opportunities? Technology...
What do you perceive as an immediate threat confronting modern organizations now? What about opportunities? Technology plays a major role in the success of many businesses. Because of this it is also a threat. According to principal analyst Dan Newman many business have yet to understand how digital transformation can affect their businesses (Business Insider, 2017). A prime example of how technology can affect your business took place yesterday, March 13, 2019. Facebook, Instagram, etc were all reportedly down yesterday...
INTRODUCTION TO MARKETING Question: Identify TWO target segments for the NOBU brand and briefly describe each...
INTRODUCTION TO MARKETING Question: Identify TWO target segments for the NOBU brand and briefly describe each using the relevant concepts covered in this course Traveling in Nobu Style: Converting Restaurant Patrons to Hotel Guests The name “Nobu” is synonymous with an exceptional Japanese dining experience, perfected by chef Nobu Matsuhisa over a more than 30-year career. Matsuhisa, together with actor Robert De Niro and restaurateur Drew Nieporent, opened the first Nobu restaurant in 1994 and to date, there are now...
The assignment summary sheets will be submitted week 14 with Test 3. You are to personally...
The assignment summary sheets will be submitted week 14 with Test 3. You are to personally experience the power and satisfaction of developing these skills firsthand and to reflect and write about this experience. Over the years, many students have shared amazingly rewarding experiences as they worked on these skills. The assignment will be evaluated and be weighted as 5% of your final mark (together, they are worth 20% of your mark for Test 3, which is worth 25% of...
Please read the article below, and answer the questions that follow. In doing so, remember the...
Please read the article below, and answer the questions that follow. In doing so, remember the following, - Although the use of generic theories, covered in class/your module guide/text book will provide a framework, the expectation for the student is to be able to discuss it in context with research relevant to South Africa and your own reflective experiences. - You are required to extensively research current South African trends, amidst our changing political landscape and benchmarked against a global...
QUESTION 1 The are several factors influencing retrieval including ____________ which takes into consideration the internal...
QUESTION 1 The are several factors influencing retrieval including ____________ which takes into consideration the internal state of consumers during recall. a. familiarity and recall b. pictorial vs. verbal cues c. state-dependent retrieval d. salience and recall QUESTION 2 Consumers within a segment are a. large enough to be profitable b. all the same age and gender c. similar to each other in terms of product needs d. different from each other and very individualistic QUESTION 3 This is a...
1. Read the following instructions on 'How to Repair an Electric Fan' which are written in...
1. Read the following instructions on 'How to Repair an Electric Fan' which are written in three different parts before answering the question given. The instructions below are considered ineffective as they are not following the effective instructions strategy. 1 Turn your fan on to make sure that the motor works. Plug your fan in and turn it on to the highest power setting. If the fan blades move a little or it starts to turn, the motor is probably...
Review the Robatelli's Pizzeria Case Study. Develop another internal controls system, but this time, in the...
Review the Robatelli's Pizzeria Case Study. Develop another internal controls system, but this time, in the purchases and fixed assets business areas. Prepare a 12- to 16-slide presentation describing the purchases and fixed assets business areas. Be sure to incorporate speaker notes as well as appropriate visuals, graphics, fonts, etc. Include any associated risk in these areas. Describe specific internal controls that include authorization of transactions, segregation of duties, adequate records and documentation, security of assets, and independent checks and...
The Fraud Triangle LO 5-2 Explain the components of the Fraud Triangle. Donald R. Cressey, a...
The Fraud Triangle LO 5-2 Explain the components of the Fraud Triangle. Donald R. Cressey, a noted criminologist, is mostly credited with coming up with the concept of a Fraud Triangle. Albrecht points out that, while researching his doctoral thesis in the 1950s, Cressey developed a hypothesis of why people commit fraud. He found that trusted persons become trust violators when they conceive of themselves as having a financial problem that is nonsharable, are aware that this problem can be...
read Seasons of Love chapter:measuring a child's life after suicide. please answer the questions : reflect...
read Seasons of Love chapter:measuring a child's life after suicide. please answer the questions : reflect on what happens to the families when there is a suicide in the family, based on the Seasons of Love chapter...how should people be told? What details are best left unshared? below is the story These theories may have a certain face-validity, but they often neglect environmental or contextual factors that are innate to answering the question of “why” a person might engage in...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT