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1)Doroteo O

Accounting

1)Doroteo O.A. Trade is an accountant is a small enterprise. Aside from keeping the books and
preparing the financial statements, he is also in charge of removing and counting the cash from
the cash register at the end of each day; comparing the cash with the duplicate sales slips used
for recording cash sales; and depositing the cash with the enterprise' depository bank the next
banking day. His duties also include releasing checks to the suppliers which he could sign in the
absence of the owner and preparing the bank reconciliation statement at the end of each month.

What is wrong with the scenario? Elaborate your answer.

2.) If you are starting your own business, would you rather settle for cash sales transactions or
consider selling your products/services on account? What factors will you consider if you elect
to sell your products/services on credit?

Option 1

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