The starting point for the verification of the balance in the general bank account is to obtain: A. The client’s year-end bank statement B. The client’s cash account from the general ledger C. A bank reconciliation from the client D. A cutoff bank statement directly form the bank

Q: When auditing the revenue and collection cycle, auditors normally select balances to confirm from…

A: Revenue and collection cycle: The revenue cycle records all the transactions that originate from…

Q: Of the following, which is the best example of a substantive test?Select one:   a. Examining a…

A: In auditing, a substantive test is a procedure designed to gather evidence to support the amounts…

Q: Which financial item of a bank is audited when the auditor pays particular attention to establishing…

A: During the audit, auditor should perform procedures to obatian reasonable assurance about the item…

Q: Confirmations of bank accounts may help the auditor to determine if material amounts of accounts…

A: An auditor is a professional, frequently an independent third party, who examines and verifies…

Q: Which of the following procedures would a CPA most likely perform in planning a financial statement…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and…

A: Audit risk It is the risk that financial statements are materially incorrect, even though financial…

Q: Bank reconciliation only involves comparing the organization's cash account with the bank statement,…

A: A corporation creates a bank reconciliation statement (BRS) to make sure the balance of its recorded…

Q: When an auditor sends out bank confirmations at the year-end audit, they are performing a(n) O…

A:

Q: An audit team would most likely verify the interest earned on bond investments bya. Vouching the…

A: Answer:   Option C

Q: 2. Which technique would be most effective and efficient for testing the operating effectiveness of…

A: The bank reconciliation statement is the statement that is prepared to rectify the errors between…

Q: Which of the following provides the highest-quality evidence regarding the Valuation of recorded…

A: Performing the Analytical procedures provides the highest-quality evidence regarding the Valuation…

Q: Which of the following substantive procedures would auditors most likely perform to obtain evidence…

A: Answer:   Option b

Q: a. Analyzing details of large cash deposits around year end. b. Comparing customer remittance…

A: In a kiting scheme, cash is created using the lag between the time a check is deposited and the time…

Q: Evidence comes in various types and has different degrees of reliability. Below are some pairs of…

A: The auditors are professional who possesses accounting, auditing, and taxation expertise. The…

Q: Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank…

A: Bank Reconciliation Statement is a statement document that reconciles the difference in the cash…

Q: When preparing a bank reconciliation, if the adjusted book balance and the adjusted bank balance are…

A: Equal amount of Adjusted book balance and the adjusted bank balance doesn't tell the cash is used…

Q: to the general ledger. Footed the cash book. CASH DISBURSEMENTS: E. Compared cancelled checks with…

A: Cash - Cash is defined in bookkeeping and financial accounting as current assets made up of money or…

Q: When auditing the cash account, the auditor traces the cash receipts, which are recorded on the cash…

A: Auditing refers to the process of physically evaluating and inspecting all the financial information…

Q: paring the bank reconciliation. 2. Examine vendors’ invoices and other s

A: The auditors verify the fairness of financial statements by collecting audit evidence by following…

Q: When auditing contingent liabilities, which of the following procedures would be MOST effective? a.…

A: One kind of potential financial obligation known as a contingent liability is one that is predicated…

Q: Quesion 1: The following are various potential misstatements due to errors or fraud (1 through 7),…

A: The audit procedures are the procedures through which the auditor acquire the audit evidence…

Q: Which of the following procedures would most likely be performed during planning?a. Surprise…

A: Identifying related parties would most likely be performed during planning.

Q: Which of the following procedures would provide the most reliable audit evidence?a. Inquiries of the…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoice and other documents…

Q: When auditors perform the bank reconciliation test, what would be the appropriate audit procedure…

A: Auditing procedures of Bank Reconciliation Bank reconciliation is one of the important part in the…

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.