A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date. To choose: The audit procedure for gathering appropriate evidence for ‘balance as per bank’.

Question

General Accounting

Answer 1

Question

Chapter 10, Problem 57RSCQ

(a)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per bank’.

(b)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per books’.

(c)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘deposit in transit’.

(d)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘customers’ note collected by bank’.

(e)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘outstanding checks’.

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General Accounting

On 1 January 2015, York Enterprises purchased a new truck for $600,000.

Please explain the solution to this general accounting problem with accurate principles.

Answer 2

Question

Chapter 10, Problem 57RSCQ

(a)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per bank’.

(b)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per books’.

(c)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘deposit in transit’.

(d)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘customers’ note collected by bank’.

(e)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘outstanding checks’.

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Answer 3

Question

Chapter 10, Problem 57RSCQ

(a)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per bank’.

(b)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per books’.

(c)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘deposit in transit’.

(d)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘customers’ note collected by bank’.

(e)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘outstanding checks’.

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Answer 4

Question

Chapter 10, Problem 57RSCQ

(a)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per bank’.

(b)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per books’.

(c)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘deposit in transit’.

(d)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘customers’ note collected by bank’.

(e)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘outstanding checks’.

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Answer 5

Chapter 10, Problem 57RSCQ

(a)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per bank’.

(b)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per books’.

(c)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘deposit in transit’.

(d)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘customers’ note collected by bank’.

(e)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘outstanding checks’.

Answer 6

Chapter 10, Problem 57RSCQ

(a)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per bank’.

Answer 7

Chapter 10, Problem 57RSCQ

(a)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per bank’.

Answer 8

(b)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per books’.

Answer 9

(b)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘balance as per books’.

Answer 10

(c)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘deposit in transit’.

Answer 11

(c)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘deposit in transit’.

Answer 12

(d)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘customers’ note collected by bank’.

Answer 13

(d)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘customers’ note collected by bank’.

Answer 14

(e)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘outstanding checks’.

Answer 15

(e)

To determine

Introduction:

A bank reconciliation statement is prepared to tally the balance in a bank account with that of the company’s financial record. It is helpful in detecting errors and determining the actual bank balance on a specific date.

To choose: The audit procedure for gathering appropriate evidence for ‘outstanding checks’.

Answer 16

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Ch. 10 - Which of the following assertions is relevant to...Ch. 10 - Match the following assertions with their...Ch. 10 - Prob. 47RSCQ Ch. 10 - Prob. 53RSCQ Ch. 10 - Prob. 54RSCQ Ch. 10 - Prob. 55RSCQ Ch. 10 - Prob. 57RSCQ

Solution Summary: The author explains how a bank reconciliation statement is prepared to tally the balance in the bank account with that of the company's financial record.

Chapter 10 Solutions