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R- ac7-1: What is the purpose of accounting system principles?
R- ac7-2: When and how is an accounting system revised?
R- ac7-3: Why internal controls are needed?
R- ac7-4: When are subsidary ledgers use for liabilities or expenses?
R- ac7-5: What is the purpose of subsidiary ledgers?
R- ac7-6: When are special journals used?
R- ac7-7: What is entered into a purchases journal?
R- ac7-8: What is entered into a cash payments journal?
R- ac7-9: What is recorded in a sales journal?
R- ac7-10: What transactions are entered into a cash receipts journal?
- "If everyone were honest, there would be no need for internal controls to safeguard cash." Do you agree? Explain.
- When a company records a sales transaction, it also records another related transaction. Explain the related transaction.
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