Acct1101 final exam Study guides, Class notes & Summaries

Bank reconciliation statement A statement that accounts for all differences between the balance on the bank statement and the book balance of cash. Principles of cash managemenet - Reduce collection time for accounts receivable - Postpone payments to accounts payable - Keep inventory levels to a minimum - Invest surplus cash - Plan for capital expenditures What 3 things does an internal control system do? - It safeguards resources against waste, fraud and inefficiency. - It promotes th...