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List below 4 specific substantive tests for cash: 1. 2. 3. 4.

List below 4 specific substantive tests for cash:

1.

2.

3.

4.

business   accounting   
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Answer #1

ANSWER:

  1. Valuation: costing cash on hand, confirming balances with banks to know the correct value of cash in hand and cash at bank
  2. Completeness: prepare bank reconciliation to know whether the all cash transactions are accounted for.
  3. Existence: check the physical existence of cash by counting it.
  4. Rights and Obligations: check whether the company has the absolute right over the ownership of the cash
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