The accounting clerk pays all obligations by pre numbered checks. What are the strengths and weaknesses in the internal control over cash payments in this situation? What is the purpose of preparing a bank reconciliation?

The accounting clerk pays all obligations by pre numbered checks. What are the strengths and weaknesses in the internal control over cash payments in this situation? What is the purpose of preparing a bank reconciliation?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The accounting clerk pays all obligations by pre numbered checks. What are the strengths and weaknesses in the internal control over cash payments in this situation?
What is the purpose of preparing a bank reconciliation?

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