The bank reconciliation for ABC Inc. at its year-end, December 31, 2022 includes the following: Outstanding checks $761,342.55. Identify all the following procedures that are applicable to the audit of outstanding checks.

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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The bank reconciliation for ABC Inc. at its year-end, December 31, 2022 includes the following:
Outstanding checks $761,342.55.
Identify all the following procedures that are applicable to the audit of outstanding checks.
Check All That Apply
Inspect bank credit memos
Trace items on the bank reconciliation to the cutoff bank statement.
Trace items to cash receipts journal
Ascertain reason for unusual delay, if any.
Trace items to cash disbursements journal.
Inspect bank debit memos.
Transcribed Image Text:The bank reconciliation for ABC Inc. at its year-end, December 31, 2022 includes the following: Outstanding checks $761,342.55. Identify all the following procedures that are applicable to the audit of outstanding checks. Check All That Apply Inspect bank credit memos Trace items on the bank reconciliation to the cutoff bank statement. Trace items to cash receipts journal Ascertain reason for unusual delay, if any. Trace items to cash disbursements journal. Inspect bank debit memos.
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