Examlex
The following set of items describes activities completed by a company in purchasing and paying for merchandise.For each activity,identify whether or not the activity adheres to or violates sound internal control procedures.
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Cash register tapes are picked up on a regular basis each day by an employee from the accounting department.
Balance Sheet
A document detailing a business's financial status at a given moment, listing the company's resources, debts, and owner's equity.
Adjusting Entries
Adjusting entries are journal entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Routine Entry
Regular, often daily, accounting entries that reflect standard business transactions.
Accrued
Describes expenses or revenues that have been incurred but not yet recorded through a payment or receipt, reflecting in accounts payable or receivable.
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