Bank Reconciliation

  What is the purpose of a bank reconciliation?  What are the reasons for differences between the cash reported in the accounting records, and the cash balance in the bank statements?  

Let’s see if you can consider one or more of the following questions related to Internal Control and start your wonderful discussions:

a) What is an Internal Control? Please describe it briefly in your own words

b) What are the components of Internal Control? Please list each one with brief descriptions in your own words

c) What is considered as the 'Control Environment'? Please explain one (1) factor that affects the Control Environment in your own words.

d) What is a Bank Reconciliation?

e) What is the effect of a bank debit memo on a depositor’s account balance?

    Please be sure do some research outside your textbook (use your textbook as a reading guide) on this very important discussion topic by visiting different websites and share your thoughts and ideas here with each other.