Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
4 Cards in this Set
- Front
- Back
|
Direct write off method.
|
1. Bad Debt expense
2. Accounts Recievable |
|
|
Purchase of Inventory
|
1. Inventory
2. AP |
|
|
Journal entry to adjust the ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS
|
1. Bad Debt Expense
2. Allowance of UA |
|
|
5 components of internal control.
|
1) seperation of duties (different variety of people will do receiving, recording and depositing checks)
2)Proper authorization (employees need authorization to withdraw amounts of money. 3)Employee management (Someone to oversee employees to make sure they are good.) 4) Physical Controls (Moving cash in a safebox at the bank every night.) 5) Reconciliation (Managers reconcile statements to make sure money is getting where it is supposed to be. |
