a)Discuss two (2) internal controls used for the management of cash.
b)Provide examples of how the controls in a) are applied in business.
For each of the following accounts listed in the table below:
a)Indicate in the table below whether the account is a nominal (temporary) account or a real (permanent) account.
What is the normal balance of each of the accounts? Indicate in the table below
Murrays Ltd. purchased a new bus for $200,000. The company expects the bus to be used for trips between Sydney and Canberra for 10 years, or 800,000 miles, with an estimated residual value of $30,000 at the end of that time. During the second year the bus was driven 96,000 miles. Calculate the depreciation expense for the second year using each of the methods below. Show your workings.
II.Diminishing balance at 20% p.a.