Bank reconciliation

 

 

Write: Make sure your response addressing the following questions is more than 200 words
and that you include an in-text citation or a brief quote from the reading material where
appropriate.
• What is internal control and how can it protect a company’s assets?
• What are the various internal control procedures with respect to cash receipts and
payments?
• When preparing a bank reconciliation, what are the different adjustments that affect
the book and bank side?
• Why do journal entries need to be prepared after completing the bank reconciliation?
• Provide three example journal entries with a description of the adjustment.

Sample Solution

The cash balance on a company’s balance sheet is compared to the same amount on its bank statement in a bank reconciliation statement. Reconciling the two accounts might assist you figure out whether any accounting modifications are required. Regular bank reconciliations are performed to guarantee that the company’s cash records are accurate. They also aid in the detection of fraud and money laundering. The bank’s ending cash balance and the company’s ending cash balance are virtually always different when banks provide companies a bank statement that includes the company’s beginning cash balance, transactions during the period, and ending cash balance. Some of the reasons for the disparity include:

esearch suggest that one of the contemporary purpose of education is the preparation of workers for the global knowledge economy. The necessity of information technology in education is regarded as a political convention, decreed not only as the driver of economic growth, but advertised as the cure for social exclusion (Selmin et al 2001). The need to keep pace with society and prepare students for their roles in society are just two reasons to use technology in education. Educators and researchers refers strongly to the potential of technology to upgrade motivation and engagement of learners, to provide for different learning styles and improve learning outcomes (Eady and Lockyer 2013).

Therefore, literature suggest that one of the most powerful promises offered by technology is that learning will become more engaging. For example, Black (2008) and Ito et al (2008) suggest that interactivity of new media technologies provide a number of capabilities to enhance education. In fact, this is why drill and practice games , such as typing tutors can tempt children to learn content that they might otherwise consider ‘boring’. Studies completed by Collette Daiute (1985) demonstrates that children using word processors write better, because they can read their typed words, while they cannot read easily their own hand writing. Hence they receive instant feedback on their work, which they can easily modify using a word processor.

Other research finds that students learn more when they use technology to create new content themselves, rather than just being the receivers of material designed by others. A number of studies have found that students demonstrate stronger engagement, self-efficacy, attitudes toward school, and skill development when they are involved in creating own projects, such as creating reports, Power point presentation or video productions (Figg and Mchartney 2010; Elam et al 2012).

Vygotsky’s and Bandura’s theories provide educators with guidance on how to use technology in teaching and learning. . Learning occurs within a social environment, and technology can be used to facilitate social interaction and communication among learners in class, within a school, between schools and around the world (Eady and Lockyer 2013). Collaboration is also deep-rooted in Vygotsky’s theory of learning. He believed that in group-based learning there is a natural social nature of learning .Vygotsky proposed the notion of the zone of proximal development, which in essence is the difference between a learner’

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