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Business · Accounting
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L. (10 Points) Match each of the following terms with the appropriate definitions. A. Principles of internal control B. Cash Over and Short C. Net method D. Voucher system E. Bank reconciliation F. Liquidity G. Receiving report H. Days sales uncollectecd I. Purchase order J. Gross method 1. 2. 3. A report explaining any differences between the checking account balance according to the depositors records and the balance reported on the bank statement. A set of procedures and approvals designed to control cash disbursements and the acceptance of obligations Fundamental guidelines applicable to all companies established to minimize the risk of fraud and theft and to increase the reliability and accuracy of the accounting records. 4. A measure of how quickly a company can convert its accounts receivable into 5. The ability of a company to pay for its near-term obligations. 6. A method of initially recording purchases at the full invoice price ignoring any cash discount. A method of initially recording purchases at the invoice price less any purchase discounts offered by the seller 7. 8. A document the purchasing department uses to place an order with a supplier 9. A document used within the company to notify the appropriate persons that ordered goods have been received and to describe the quantity and condition of the goods cash shortages arising from missing petty cash receipts or errors in making change. 10. An income statement account used to record the income effects of cash overages and
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