Internal Controls

What is Internal Control? Five Basic Components (Page 309) The Principles of Internal Control – Control Activities (Page 309) Why is Internal Control of Cash so critical? DISCUSSION E7-2 Discussion: the Petty Cash Fund – setting it up and replenishing the fund Video Resources Accounting 1:Program 26

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The Periodic vs Perpetual Inventory System

Questions to focus on: In what ways does a merchandising business differ from a service business? How is the business cycle different for each? Why is merchandise inventory such an important account? How is merchandise inventory presented on both the balance sheet and income statement? What are the limitations of the periodic system? What types of companies would benefit from […]

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Closing Entries

Closing Entries Questions to focus on: Why do we need closing entries? Do we need the income summary account? How are closing entries related to the GAAPs? Review of the closing entries for a sole proprietorship Video: The Closing Entries Class Work:BE4-3 Additional Practice: E4-5

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