Choose the correct answer related to control accounts..

Question:   1.All of the following are purposes of internal control except to: a)promote operational inefficiency  b)safeguard assets c)encourage adherence to company policies d)ensure accurate and reliable accounting records 2.Internal control does not: a)help safeguard the assets a business uses in its operations b)guarantee a company will not go bankrupt Read more…

MCQs Bank reconciliation

Question: Classify each of the following reconciling items of the Salt and Pepper Company as: a) an addition to the bank balance b) a deduction from the bank balance c) an addition to the book balance d) a deduction from the book balance e) not a reconciling item 1. Collection Read more…

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