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Managing a checkbook and checking account & accounting for cash

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A modern business is required to maintain, as a minimum, a checking account and some businesses, especially those in retail, take in cash. Discuss how to manage a checkbook and checking account. Also, discuss the process a business needs to follow in order to account for its cash.

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Solution Summary

The solution discusses managing checkbooks and checking accounts. The process a business needs to follow in order to account for its cash is also determined.

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Account management is very important in order to settle the taxes at the end of the financial year, otherwise there may be huge problems on tax evasion created by the tax office. A checking ...

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