Essay
For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon.
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Understand regulatory compliance and the importance of internal controls in adhering to these regulations.
Assess the operational and financial implications of internal controls on business processes.
Execute journal entries related to petty cash transactions, identifying discrepancies and adjusting accounts appropriately.
Evaluate the need and procedures for maintaining compensating balances with banks.
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