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

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: prepare a Bank Reconciliation Statement.

A: Bank reconciliation statement is the statement which is prepared at the end of the period in order…

Q: Which of the following is not an objective of the cash audit? determine that a. A long-term…

A: Objectives of Cash Audit One of the objectives for a cash audit is to verify that the recorded cash…

Q: comparing the cash balances on its bank statement with the cash balances in the accounting records…

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

Q: Identify each of the following reconciling items as part of the cash reconciling process as: (A)…

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

Q: Will journal entries be necessary based on the book or bank adjustments you discovered in the bank…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

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: What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and…

A: Imprest petty cash fund is cash balance with the petty cashiers for paying little business…

Q: A bank reconciliation explains the differences between ____________. A. cash receipts and cash…

A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the difference between…

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: How does cash control deficiencies affect the development of audit procedures for cash?

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: When the question states that the balance in the cash at bank account and the bank statement did not…

A: A bank reconciliation statement, as the name indicates, reconciles the cash and bank balance of the…

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: What is bank reconciliation and how do l prepare a bank reconciliation statement

A: Answer is provided as follows:

Q: What type of internal controls would ensure proper classification of cash equivalents and how would…

A: Cash equivalents represent the current assets which are highly liquid. These are usually less risky…

Q: What are the common internal controls over cash receipts and cash disbursements?

A: Introduction: Internal control relates to a company's policies and plans, as well as extra efforts…

Q: Which bank control protects against forgery? Which bank control reports what the bank did with the…

A: The answer is as fallows

Q: What is the adjusted balance of the petty cash fund? What is the correct amount of cash and cash…

A: Petty cash fund is maintained for small petty expenses in the business. Cash and cash equivalent are…

Q: Which of the following should be considered cash equivalents? Post-dated checks Money market with…

A: Cash and cash equivalent means the amount of cash , bank or highly liquid marketable securities…

Q: Examine the cash receipts journal in the accounting system and compare the amounts received to the…

A: Audit procedure: Audit procedures represent all the methods and processes used by auditors to…

Q: The bank reconciliation ? Please explain with full explanation.  a. should be prepared by an…

A: Following is the answer to given problem

Q: On a bank reconciliation, the amount of an unrecorded bank service charge should be: Multiple Choice…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Cash receipts should be deposited on the day of receipt or the following business day. Select the…

A: Comparing the daily cash receipts with the bank deposits will reveal the promptness of deposit of…

Q: why is there generally a difference between the balance in a cash account on the company's books and…

A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…

Q: Why should the person in charge of cash receipts not also be in charge of keeping accounts…

A: Here is the answer :

Q: At what amount should "Cash on hand and in bank be reported on Gracious' balance sheet?

A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…

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: What steps does an auditor ordinarily take when confirming cash balances held on deposits with…

A:

Q: What is the importance of each assertion in the audit of cash?

A: Introduction:- Assertions are an important characteristic of auditing. Assertions play vital role in…

Q: why is petty cash fund deducted in the book balance of the entity when making bank reconciliation?

A: A petty cash fund is a fund where some money is kept separately to pay for minor expenses such as…

Q: Which cash reconciling item could potentially affect either the bank statement or the general…

A: The bank reconciliation statement is prepared to match the balance of cash book and pass book.

Q: he accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory in the internal control over the cash payments which are taken care of by the…

Q: A common audit procedure to verify the existence assertion of cash account balances is: a.…

A: Existence assertion is the assertion that the assets and the liabilities which is appearing the…

Q: amount of cash is accurately recorded on the financial statements. All of the following are…

A: an audit, independent examination of the financial statement of an entity. there are mainly three…

Q: What audit procedures would you use to determine that the cash balances actually exist at the…

A: Audit Procedure: In the context of financial statements, audit procedures are the steps taken by…

Q: Explain the relationships among the initial assessed controlrisk, tests of controls and substantive…

A: The cash account is affected by the transaction in most of the cycles. Since there is a relationship…

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: Prepare a bank reconciliation statement

A: Bank Reconciliation statement is prepared when there is difference between cash balance as per…

Q: Why is the monthly reconciliation of bank accounts by an independent person an important internal…

A: Bank reconciliation statement is an important tool for internal control and it is prepared at the…

Q: State and explain the reasons for the difference between cash book and bank statement

A: Definition:   Bank reconciliation: Bank statement is prepared by bank. The company maintains its own…