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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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How do control activities relate to the accounting system?

To determine

Introduction:

Control Activities:

These are the policies and procedures established by the top management in order to insure that the goals and objectives of the organization should be met. They are directly related to the accounting system and financial statements which may vary from one business to another.

The relationship between the Control activities and the accounting system.

Explanation

For example, Consider Hendrickson Theaters Inc. which operates 10 movie theaters in a single city. All the theaters are rented and well equipped with all the facilities. Hendrickson’s administrative offices, furnishings and office equipment are also rented.

The following chart of accounts indicates the structure of Hendrickson’s accounting system :

    Charts of Accounts for Hendrickson’s Theaters Inc.
    Assets Revenues
    CashConcessions InventoryPrepaid RentAdmission RevenueConcession Revenue

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