When testing cash balances at the balance sheet date, the auditor foots the bank reconciliation and...
When testing cash balances at the balance sheet date, the auditor foots the bank reconciliation and traces its reported book balance to the trial balance and its bank balance to the standard confirmation. Which of the following assertions is being tested with these procedures?
| a. |
Rights. |
|
| b. |
Valuation. |
|
| c. |
Existence. |
|
| d. |
All of the above. |
Homework Answers
| Rights, Valuation and Existence are being tested with these procedure. |
| Rights ensures that it belongs to the organization. |
| Valuation ensures that the figures presented there are accurate. |
| Existence ensures that the balance stated actually exists in bank statements or not. |
| Option D All of the above is correct |
Add Answer to:
When testing cash balances at the balance sheet date, the
auditor foots the bank reconciliation and...
16. When may audit procedures be performed? I - on the balance sheet date. II -...
16. When may audit procedures be performed? I - on the balance sheet date. II - prior to the balance sheet date. III - subsequent to the balance sheet date. a. I only. b. I and III only c. II only. d. I, II, and III. ANSWER: 17. An auditor selects a sample of items recorded and traces them back to the supporting documentation. This is an example of which of the following? a. Directional testing for existence. b. Directional...
c. Inspection d. Observation ANSWER: 16. When may audit procedures be performed? I - on the...
c. Inspection d. Observation ANSWER: 16. When may audit procedures be performed? I - on the balance sheet date. II - prior to the balance sheet date. III - subsequent to the balance sheet date. a. I only. b. I and III only. c. II only. d. I, II, and III. ANSWER: 17. An auditor selects a sample of items recorded and traces them bac documentation. This is an example of which of the following? a. Directional testing for existence....
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 $...
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 ...
1.To conclude that a management review control is effective, the auditor is required to identify a...
1.To conclude that a management review control is effective, the auditor is required to identify a selection of instances in which the control operated, evaluate whether management followed the procedures specified by the control, and properly evaluated and resolved exceptions. A) True B) False 2. Which of the following statements about substantive analytical procedures is correct? A) The results of the procedure provide evidence about the existence or absence of misstatement in an account. B) The results of the procedure...
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and...
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and valuation -existence, rights, and cutoff -existence, rights, and obligations -occurrence, cutoff, and completeness Question 30 Assertions about account balances at year-end typically include _______. -existence, occurrence, and cutoff -existence, completeness, and allocation -existence, completeness, and rights and obligations -accuracy, valuation, and occurrence Question 31 Assertions about presentation and disclosure typically include _______. -cutoff, presentation, and disclosure -completeness, accuracy and valuation, and classification and understandability...
(c) Patapaa Transporters – Bank and cash You are the external auditor of Patapaa Transporters, a...
(c) Patapaa Transporters – Bank and cash You are the external auditor of Patapaa Transporters, a public limited company. The company’s year-end is 31 December. The bank and cash figure included in Patapaa Transporters’ draft financial statements is comprised of a number of bank account balances. The finance director has informed you that all accounts have been reconciled as at the year end. The following is a reconciliation statement of one of the accounts. Patapaa Transporters Bank reconciliation as at...
of the following assertions is the primary assertion that is satisfied by physically 19. Which of...
of the following assertions is the primary assertion that is satisfied by physically 19. Which of the following assen observing the client's count of inventory? a. Rights b Valuation c. Completeness. d. Existence. ANSWER: 20. When the auditor used the audit procedure vouching she is primarily concerned of the following assertions? a. Completeness b. Existence. c. Authorization d. Classification. ANSWER: 21. Observation suffers from which of the following limitations? a. Observation of processing is rarely unobtrusive. b. Observation of processing...
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...
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...
16. When may audit procedures be performed? I - on the balance sheet date. II - prior to the balance sheet date. III - subsequent to the balance sheet date. a. I only. b. I and III only c. II only. d. I, II, and III. ANSWER: 17. An auditor selects a sample of items recorded and traces them back to the supporting documentation. This is an example of which of the following? a. Directional testing for existence. b. Directional...
c. Inspection d. Observation ANSWER: 16. When may audit procedures be performed? I - on the balance sheet date. II - prior to the balance sheet date. III - subsequent to the balance sheet date. a. I only. b. I and III only. c. II only. d. I, II, and III. ANSWER: 17. An auditor selects a sample of items recorded and traces them bac documentation. This is an example of which of the following? a. Directional testing for existence....
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 $...
of the following assertions is the primary assertion that is satisfied by physically 19. Which of the following assen observing the client's count of inventory? a. Rights b Valuation c. Completeness. d. Existence. ANSWER: 20. When the auditor used the audit procedure vouching she is primarily concerned of the following assertions? a. Completeness b. Existence. c. Authorization d. Classification. ANSWER: 21. Observation suffers from which of the following limitations? a. Observation of processing is rarely unobtrusive. b. Observation of processing...
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...
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...
Most questions answered within 3 hours.
-
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 8 minutes ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 25 minutes ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 3 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 4 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 4 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 4 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 4 hours ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 4 hours ago -
A manufacturer of banana chips would like to know whether its
bag filling machine works correctly...
asked 5 hours ago -
Complete the chapter case, "Turnover Analysis".
Chapter Case
Turnover Analysis
You recently completed your company’s new...
asked 5 hours ago -
What is the pH of solutions having the following H3O+
concentrations? Identify each as acidic, basic,...
asked 5 hours ago -
How does over-voltage of the diode usually occur?
asked 5 hours ago