Accounting chap 6 vocab

Accounting chap 6 vocab - Vocab Chapter 6 Accounting...

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Vocab Chapter 6 Accounting controls – procedures concerned with safeguarding the assets or the reliability of the financial statements. Accounting system – methods and records used to accurately report an entity’s transactions and to maintain accountability for its assets and liabilities. Administrative controls – procedures concerned with efficient operation of the business and adherence to the length of time each has been outstanding. Audit committee – board of director’s subset that acts as a direct contact between stockholders and the independent accounting firm. Bank reconciliation – a form used by the accountant to reconcile or resolve any differences between the balances shown on the bank statement for a particular account with the balance shown in the accounting records. Bank statement – a detailed list, provided by the bank, of all the activity for a particular account during the month. Blind receiving report –
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Accounting chap 6 vocab - Vocab Chapter 6 Accounting...

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