Explain how the debit/credit rules are used when developing journal entries and provide an example of the application of the debit/credit rules in the form of a journal entry.
Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. Explain how limited access can satisfy the purpose of internal control and provide an example of how this control could be implemented.
Inventory valuation methods determine the cost of goods sold and the inventory balance. Explain how the Average Cost method is applied and provide an example of the application of this method.