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(i) Explain any TWO (2) types of cash accounts. ii)Identify any FIVE (5) key pieces of information which should be contained on a bank confirmation letter. iii)Explain why it is important to check outstanding cheques at the year end

(i) Explain any TWO (2) types of cash accounts. ii)Identify any FIVE (5) key pieces of information which should be contained on a bank confirmation letter. iii)Explain why it is important to check outstanding cheques at the year end

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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The primary audit procedure used in testing cash balances is confirmation. In

order to test confirmation, auditors ask the company's bankers to verify the

balance of the bank accounts directly and the responses are sent solely to the

auditors. As a part of cash testing, auditors also test the bank reconciliation

process. By examining cash confirmations, auditors gain assurance over the

bank balance.

(i) Explain any TWO (2) types of cash accounts.

ii)Identify any FIVE (5) key pieces of information which should be contained on a bank confirmation letter.

iii)Explain why it is important to check outstanding cheques at the year

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