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Eddi Din [679]
3 years ago
15

The following information pertains to Lance Company.

Business
1 answer:
nalin [4]3 years ago
5 0

Answer and Explanation:

The preparation of the bank reconciliation statement is presented below:

Balance as per bank $8,732.00

Add: Deposit in transit $3,500.00  

Less: Outstanding checks  -$1,486.00

Adjusted bank balance  $10,746.00

Balance as per books $8,768.00

Add: EFT received from customer $2,023.00

10791.00

Less: Service charges -$45.00

Adjusted book balance  $10,746.00

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objectives of controls are of primary interest to an auditor performing a financial statement audit--- Accurate and reliable financial reporting.

What are the primary objectives of internal control?

The primary purpose of internal controls is to help safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws.

What are the 5 internal controls in auditing?

There are five interrelated components of an internal control framework: control environment, risk assessment, control activities, information and communication, and monitoring.

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Persuasive Advertising

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3 years ago
Suppose that a rap grouprap group called RG 2RG2 has released its first CD with LiveLive Records at an intended list price of​ $
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D) The recording label should expand the production and distribution of RG 2RG2​'s first CD.

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3 years ago
Yeats Corporation's sales in Year 1 were $396,000 and in Year 2 were $380,000. Using Year 1 as the base year, the percent change
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Yeats Corporation

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