2x discussion questions for accounting

Business Finance

Discussion1

Make sure your response addressing the following questions is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.

  • What is internal control and how can it protect a company’s assets?
  • What are the various internal control procedures with respect to cash receipts and payments?
  • When preparing a bank reconciliation, what are the different adjustments that affect the book and bank side?
  • Why do journal entries need to be prepared after completing the bank reconciliation?
  • Provide three example journal entries with a description of the adjustment.

Discussion 2

Make sure your response addressing the following questions is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.

  • What is the difference between the direct write-off method and the allowance method for receivables?
  • Give example journal entries for both.
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