Determining the accuracy of a business record keeping, Accounting Basics

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Determining the accuracy of a business record keeping

Response to the following questions:

1. What is a primary control for determining the accuracy of a business's record keeping?

2. Capstone Consulting Services acquired land 5 years ago for $200,000. Millstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreement, the buyer transferred $375,000 to Capstone's bank account on February 20.

How would elements of the accounting equation be affected by the sale?

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Accounting Basics: Determining the accuracy of a business record keeping

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