ACC 231 Study Guide - Quiz Guide: Finished Good, Bank Reconciliation
Document Summary
Internal accountants company employees who evaluate on a continuous basis the effectiveness of the company"s system of internal controls. Control environment the policies, processes, and skills that exist within a department so that only valid financial transactions take place. Who makes the rules? managers and company higher ups. Cost (what is included) consists of all expenditures necessary to acquire an asset and make it ready for its intended use. Destination point seller owns it until buyer receives it. Shipping point buyer owns it once it is shipped. Merchandiser 1 category merchandise inventory all items that make up total inventory. Manufacturer: raw materials basic goods to be used in future production, work in progress inventory in the production process that is not complete, finished goods manufactured items that are completed and ready for sale. Define the process of comparing the bank"s balance with the company"s balance, and explaining the differences to make them agree.
