What specific audit objectives does obtaining a cutoff statement directly from the bank support? If the...
What specific audit objectives does obtaining a cutoff statement directly from the bank support? If the cutoff bank statement covered the period 1/1/2019 through 1/21/2019 and the deposit in transit was credited by the bank on 1/12/2019, would you be concerned? If so, why? What additional procedures would you apply to allay your concerns?
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What specific audit objectives does obtaining a cutoff statement
directly from the bank support? If the...
Cynthia Company Bank reconciliation which of the audit procedures listed below would most likely have been...
Cynthia Company Bank reconciliation which of the audit procedures listed below would most likely have been used to verify the accuracy of the amounts identified of Balance per bank December 31, 2018 Balance per bank 12/31 $18,375.91 a Deposits in Transit 12/30 1,471.10$ b 12/31 2,840.69 b 4,311.79 Outstanding Checks 6/30 837 6,000.00 c 12/15 1941 671.80 12/20 1966 320.00 12/21 1984 1,855.42 12/23 1985 3,621.22 c 12/28 1985 2,576.89 c 12/30 1991 4,420.88 c (19,466.21) NSF check returned 12/29 ...
The following client-prepared bank reconciliation is being examined by Zachary Kallick, CPA, during the examination of...
The following client-prepared bank reconciliation is being examined by Zachary Kallick, CPA, during the examination of the financial statements of 16-26 Simmons Company SIMMONS COMPANY Bank Reconciliation 1st National Bank of U.S. Bank Account September 30, 2018 Procedure(s) Balance per bank $28.375 a. Select 2 procedures Deposits in transit b. Select 5 procedures 9/29/18 $4.500 9/30/18 6,025 1,525 $34,400 Outstanding checks: c. Select 5 procedures 8/31/18 988 2,200 9/26/18 675 1281 9/28/18 1285 850 9/29/18 1289 2,500 9/30/18 (13.450) 1292...
le plainin evidential matter in support of financial statement assertions, the auditor develops specific audit chiectives...
le plainin evidential matter in support of financial statement assertions, the auditor develops specific audit chiectives in light of those assertions. Audit procedures are then selected to accomplish audit objectives. Required: Your client is Hillmart, a retail department store that does no production. For each specific inventory audit obiective listed below select the most closely related financial statement assertion and the most appropriate audit procedure, FL nancial statement assertions and audit procedures may be selected once, more than once, or...
Bank Reconciliation December 31, 2018 Balance per bank 12/31 $18,375 91 Deposits in Transit 12/30 12/31 $...
Bank Reconciliation December 31, 2018 Balance per bank 12/31 $18,375 91 Deposits in Transit 12/30 12/31 $1,471.10 b 2,840.69 Outstanding Checks 6/30 837 12/15 1941 12/20 1966 12/21 1984 12/23 1985 12/28 1985 12/30 1991 6,000.00 671 80 320.00 1.855.42 3,621 22 2.576.89 4,420.88 (19,466.21) 5000 e NS check returned 12/29 200.00 d December bank Charges Error in Check 1932, dated 11/20 148.10 Customer note collected by bank, 12/21 (3,02500) Balance per book $ 1.094 59 1 Required: Determine which...
Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank...
Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank reconciliation. The accompanying List of Auditing Procedures represents substantive auditing procedures. For each item, select one or more procedures, as indicated, that the auditor most likely would perform to gather evidence in support of that item. The procedures on the list may be selected once, more than once, or not at all. Assume - The client prepared the bank reconciliation on 10/2/X5. • The...
Cynthia Company Bank Reconciliation December 31, 2018 Balance per bank 12/31 $ 18,375.91 a Deposits in...
Cynthia Company Bank Reconciliation December 31, 2018 Balance per bank 12/31 $ 18,375.91 a Deposits in Transit 12/30 12/31 $1,471.10 b 2,840.69 b 4,311.79 Outstanding Checks 6/30 837 12/15 1941 12/20 1966 12/21 1984 12/23 1985 12/28 1985 12/30 1991 6,000.00 671.80 320.00 1,855.42 3,621.22c 2,576.89c 4,420.88 C (19,466.21) NSF check returned 12/29 December bank Charges Error in Check 1932, dated 11/20 Customer note collected by bank, 12/21 200.00 d 550.00 e 148.10 f (3,025.00) g Balance per book $...
I dont have more information Lasil SuldLIUICHUICES LUKF'S GENERAL STORE Bank Reconciliation Ist National Bank of...
I
dont have more information
Lasil SuldLIUICHUICES LUKF'S GENERAL STORE Bank Reconciliation Ist National Bank of US Bank Asunt September 30, 20X5 T UDJwn in cils below Select 2 Procedures Balance per bank Deposits in transit A B 9/29/XS 1930/XS c D E F of d e Procedures Trace to cash receipts journal Trace to cash disbursements journal o mpare to W30XS peneral ledger C onfirm directly with bank inspect bank credit memo Inspect client's loan agreement with bank Ascertain...
options: Obtain the bank reconciliation and trace deposits in transit to the cutoff bank statement....
options:
Obtain the bank reconciliation and trace deposits in transit to
the cutoff bank statement.
Scan the debits to the fixed asset accounts and agree selected
amounts to vendors' invoices and management's authorization.
Compare the details of the cash disbursement journal entries
with totals posted to the general ledger.
Prepare a schedule of interbank transfers.
Physically inspect a sample of fixed assets and trace them to
the fixed asset subsidiary ledger.
Confirm cash balances with the bank.
Examine the...
Regwired . Prepare the June bank reconciliation b. Prepare any necessary adjusting entries. Is from Chapters...
Regwired . Prepare the June bank reconciliation b. Prepare any necessary adjusting entries. Is from Chapters I through 6.) SERIAL PROBLEM: KATE'S CARDS i to investigate the cash (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters / thre EYE aling funds. "have eceipts am ne cashier (who works SP7. Rates Cards bank reconciliation does Id me that these checo On February 15, 2019. Kate Collins, owner of Kate's Cards, asks you to in dling activities...
The principal Required Prepare the June bank reconciliation for the Chu Prepare any necessary adjusting entries....
The principal Required Prepare the June bank reconciliation for the Chu Prepare any necessary adjusting entries. SERIAL PROBLEM: KATE'S CARDS estigate the cash han ve stealing funds. "I have no sited receipts amounted to e cashier (who works conciliation doesn't ier told me that these checks Kales Cards (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters 1 through SP7. On February 15, 2019. Kate Collins, owner of Kate's Cards, asks you to investigate dling activities...
The following client-prepared bank reconciliation is being examined by Zachary Kallick, CPA, during the examination of the financial statements of 16-26 Simmons Company SIMMONS COMPANY Bank Reconciliation 1st National Bank of U.S. Bank Account September 30, 2018 Procedure(s) Balance per bank $28.375 a. Select 2 procedures Deposits in transit b. Select 5 procedures 9/29/18 $4.500 9/30/18 6,025 1,525 $34,400 Outstanding checks: c. Select 5 procedures 8/31/18 988 2,200 9/26/18 675 1281 9/28/18 1285 850 9/29/18 1289 2,500 9/30/18 (13.450) 1292...
le plainin evidential matter in support of financial statement assertions, the auditor develops specific audit chiectives in light of those assertions. Audit procedures are then selected to accomplish audit objectives. Required: Your client is Hillmart, a retail department store that does no production. For each specific inventory audit obiective listed below select the most closely related financial statement assertion and the most appropriate audit procedure, FL nancial statement assertions and audit procedures may be selected once, more than once, or...
Bank Reconciliation December 31, 2018 Balance per bank 12/31 $18,375 91 Deposits in Transit 12/30 12/31 $1,471.10 b 2,840.69 Outstanding Checks 6/30 837 12/15 1941 12/20 1966 12/21 1984 12/23 1985 12/28 1985 12/30 1991 6,000.00 671 80 320.00 1.855.42 3,621 22 2.576.89 4,420.88 (19,466.21) 5000 e NS check returned 12/29 200.00 d December bank Charges Error in Check 1932, dated 11/20 148.10 Customer note collected by bank, 12/21 (3,02500) Balance per book $ 1.094 59 1 Required: Determine which...
Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank reconciliation. The accompanying List of Auditing Procedures represents substantive auditing procedures. For each item, select one or more procedures, as indicated, that the auditor most likely would perform to gather evidence in support of that item. The procedures on the list may be selected once, more than once, or not at all. Assume - The client prepared the bank reconciliation on 10/2/X5. • The...
Cynthia Company Bank Reconciliation December 31, 2018 Balance per bank 12/31 $ 18,375.91 a Deposits in Transit 12/30 12/31 $1,471.10 b 2,840.69 b 4,311.79 Outstanding Checks 6/30 837 12/15 1941 12/20 1966 12/21 1984 12/23 1985 12/28 1985 12/30 1991 6,000.00 671.80 320.00 1,855.42 3,621.22c 2,576.89c 4,420.88 C (19,466.21) NSF check returned 12/29 December bank Charges Error in Check 1932, dated 11/20 Customer note collected by bank, 12/21 200.00 d 550.00 e 148.10 f (3,025.00) g Balance per book $...
I
dont have more information
Lasil SuldLIUICHUICES LUKF'S GENERAL STORE Bank Reconciliation Ist National Bank of US Bank Asunt September 30, 20X5 T UDJwn in cils below Select 2 Procedures Balance per bank Deposits in transit A B 9/29/XS 1930/XS c D E F of d e Procedures Trace to cash receipts journal Trace to cash disbursements journal o mpare to W30XS peneral ledger C onfirm directly with bank inspect bank credit memo Inspect client's loan agreement with bank Ascertain...
options:
Obtain the bank reconciliation and trace deposits in transit to
the cutoff bank statement.
Scan the debits to the fixed asset accounts and agree selected
amounts to vendors' invoices and management's authorization.
Compare the details of the cash disbursement journal entries
with totals posted to the general ledger.
Prepare a schedule of interbank transfers.
Physically inspect a sample of fixed assets and trace them to
the fixed asset subsidiary ledger.
Confirm cash balances with the bank.
Examine the...
Regwired . Prepare the June bank reconciliation b. Prepare any necessary adjusting entries. Is from Chapters I through 6.) SERIAL PROBLEM: KATE'S CARDS i to investigate the cash (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters / thre EYE aling funds. "have eceipts am ne cashier (who works SP7. Rates Cards bank reconciliation does Id me that these checo On February 15, 2019. Kate Collins, owner of Kate's Cards, asks you to in dling activities...
The principal Required Prepare the June bank reconciliation for the Chu Prepare any necessary adjusting entries. SERIAL PROBLEM: KATE'S CARDS estigate the cash han ve stealing funds. "I have no sited receipts amounted to e cashier (who works conciliation doesn't ier told me that these checks Kales Cards (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters 1 through SP7. On February 15, 2019. Kate Collins, owner of Kate's Cards, asks you to investigate dling activities...
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