Examine the cash receipts journal in the accounting system and compare the amounts received to the corresponding amounts invoiced in the revenue accounting system and to the bank statement evidencing the deposit. This is an example of which of the following?                     A) audit objective                    B) audit assertion         C) audit procedure                 D) audit program

Q: When auditing the revenue and collection cycle, auditors normally select balances to confirm from…

A: Revenue and collection cycle: The revenue cycle records all the transactions that originate from…

Q: Which of the following internal controls is a common detective control over cash and cash…

A: Internal control  is implemented, to maintain effectiveness, efficiency, ,follow the policies,…

Q: The explanation of the differences between the cash account balance according to the company’s book…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following communications is most likely to be written before the balance-sheetdate?a. A…

A: D.Correct.- An engagement letter would be written before accepting an engagement and therefore…

Q: Which audit claims will be met by the audit method of cash count and bank verification requests

A: introduction: If the management's financial statements have any inaccuracies or frauds, the only…

Q: Each of the following measures strengthens internal controlover cash receipts except:a. Factoring…

A: Internal Control is the process that allows a company to perform its best and adhere to the…

Q: When a petty cash fund is used, which of the following is true? *       A. The petty cashier’s…

A: Solution: "The reimbursement of the petty cash fund should be credited to the cash account" this is…

Q: How will a company’s bank reconciliation reflect an electronicdeposit of cash received by the bank…

A: Bank reconciliation statement:   Bank reconciliation statement is a summary of the banking and…

Q: ich of the following procedures would an auditor most likely perform to test trols relating to…

A: The given scenario relates with cash receipts. To check the authenticity of the transaction the…

Q: The bank reconciliation Select one: A. is sent to the bank for verification B. is for information…

A: Introduction:- Bank reconciliation play vital role in every organization. It identify the balance of…

Q: Each situation below describes an internal control weakness in the cash receipts process.…

A: Given: Each situation below describes an internal control weakness in the cash receipts process. To…

Q: From the following alternatives, choose the internal sources of audit evidence. a. Confirmation from…

A: Internal sources of audit evidence include a company's documented processes, policy documents,…

Q: Which of the following is one of the better auditing techniques to detect kiting?(1) Review…

A: (3) Prepare year-end bank reconciliations

Q: Which of the following is the best audit procedure for the detection of lapping?   a. Comparison of…

A: Lapping means deliberately misappropriation of the funds by the employee of the organization.  When…

Q: Choose the one correct answer. Which of the following is not an appropriate question in an ICQ? *…

A: Internal Control Questionnaire -ICQ : ICQ is an important tool for conducting an audit. It is…

Q: Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen…

A: Audit procedures: Audit procedures are the process of evaluating the quality of the financial…

Q: Explain why each of the following combinations of tasks should or should not be separated to achieve…

A: Part (a) This combination of tasks should be separated to achieve adequate internal control. If a…

Q: choose the internal sources of audit evidence. a.

A: Audit evidence: The audit evidence is the evidence gathered by the auditor to express an opinion on…

Q: Which of the following is not an essential cash receipt internal control? Multiple Choice   Have…

A: Internal control means the ways of doing the business and kept a control over the activities of…

Q: You have been asked to write the Bank Reconciliation

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Q: please define Inspection of documents and records Physical verification of liquid money Observation…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank…

A: Bank Reconciliation Statement is a statement document that reconciles the difference in the cash…

Q: In order to verify the accuracy of the accounting records concerning its cash accounts a person…

A: Reconciliation statement is the statement which is used by the company in order to know and check…

Q: Which type of source document is best for providing evidence of disbursements of funds from petty…

A: Source documents are those documents which have the physical basis and upon which the transactions…

Q: paring the bank reconciliation. 2. Examine vendors’ invoices and other s

A: The auditors verify the fairness of financial statements by collecting audit evidence by following…

Q: Accompanying the bank statement was a debit memo for bank service charges.  On the bank…

A: Bank service charge: Bank service charge is charges levied by the bank for the services provided or…

Q: Which of the following is not an essential cash receipt internal control? Multiple Choice   Have…

A: Internal controls are the controls implemented to ensure the efficiency in the operations of an…

Q: In rendering cash count the auditor observed that one of the items being presented by the custodian…

A: Audit refers to the examination as well as investigation of the accounting records and the financial…

Q: Preparing a bank reconciliation on a monthly basis is an example of: A. establishing responsibility…

A: A bank reconciliation is the process by which the balances are matched as between the bank statement…

Q: which audit assertions the audit procedure of cash count and bank confirmation requests will meet?

A: The financial statements prepared by the management may contain misstatements, and any other…

Q: Which of the following statement is prepared to identify the discrepancies between the cash balance…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: On receiving the bank cutoff statement, the auditor should trace:

A: A bank cut off statement is the statement of bank as on a specified date which is subsequent to the…

Q: In preparing a bank reconciliation, outstanding checks are deducted from the balance per bank.…

A: Bank reconciliation is done to compare the bank balance as per company’s books with the balance as…

Q: Which of the following audit procedures is aimed most directly at testing the completeness assertion…

A: For acco payable auditor should  perform  appropriate  audit procedure  for testing  completeness…

Q: You are part of the audit team that is auditing Hillsburg Hardware Co. and you have been assigned to…

A: A test of controls is an audit procedure to test the effectiveness of a control used by a client…

Q: Identify whether each of the following items would be (a) added to the book balance, (b) deducted…

A: Deposits in transit and outstanding checks are adjusted in the bank balance. Bank service charge,…

Q: Which of the following items must be added to the cash balance per ledger in preparing a bank…

A: The statement prepared to find out the discrepancies if any, in the balances of the cash as per book…

Q: After preparing a bank reconciliation, journal entries are necessary to record Bank service…

A: Bank reconciliation statement is used to determine the differences between the bank statement…

Q: List several audit procedures that the auditor can use to determinewhether all cash received was…

A: Audit procedures are utilized by examiners to decide the nature of the money related data being…

Q: In preparing for the audit of cash, the auditors perform analytical procedures concerning cash…

A:

Q: GIven the situation that you are an auditor of GZ Company and you were asked to provide the…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: In a two-step bank reconciliation, identify the items that might be necessary to adjust the bank…

A: Bank reconciliation: Bank reconciliation is prepared by an accountant. In order to check the…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: from the following given above options: OPTION(4)  would be likely considered by the internal…

Q: a) An entity has to maintain its records property so that the business can run efficiently and that…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: The document that explains all the differences between the company’s cash records and the bank’s…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are…

A: Bank Reconciliation statement is prepared to match the cash balances of cash book and pass book.

Q: Which type of evidence is considered more reliable a accounts receivable confirmation O minutes from…

A: Auditors are to verify the accounts of the company and validity of all financial statements.