Preparing bank reconciliation statement is: Select one: a. Not necessary when a perpetual inventory system is used. b. Not required for PLC companies. c. Not necessary when a periodic inventory system is used. d. A sound control activity around organizations’ cash function
Preparing bank reconciliation statement is: Select one: a. Not necessary when a perpetual inventory system is used. b. Not required for PLC companies. c. Not necessary when a periodic inventory system is used. d. A sound control activity around organizations’ cash function
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Preparing bank reconciliation statement is:
Select one:
a. Not necessary when a perpetual inventory system is used.
b. Not required for PLC companies.
c. Not necessary when a periodic inventory system is used.
d. A sound control activity around organizations’ cash function
Expert Solution
Step 1
Internal control system of an entity is a set of measures that are compiled with a view to prevent the occurrence of frauds and errors from happening for the entity.
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