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University of Phoenix (AXIA)

HCR/230

CheckPoint:

Effective Financial Policies and Procedures

 

 

 

 

 

 

 

 

 

 

 

 

 

HCR/230

 

 

 

The three basic elements of a financial accounting system include:

1. Rules for determining what, when, and the amount that should be recorded

2. A framework for preparing financial statements

3. Controls  to determine whether errors may have arisen in the recording process

 

Financial policies

 

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