Bank transfer is one were money is sent from one bank to another. Bank transfer schedule is prepared which is used by the auditor to check existence of kites by a client. It lists details of all transfers that is to and from client’s account. Check Kiting is checking whether amount received is disbursed on the same date or not in books and how many bank reconciliations are outstanding and deposit in transit to be reconciled with bank balances. To select: The correct option.

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Answer 1

Question

Chapter 16, Problem 16.12MCQ

To determine

Introduction:

Bank transfer is one were money is sent from one bank to another. Bank transfer schedule is prepared which is used by the auditor to check existence of kites by a client. It lists details of all transfers that is to and from client’s account.

Check Kiting is checking whether amount received is disbursed on the same date or not in books and how many bank reconciliations are outstanding and deposit in transit to be reconciled with bank balances.

To select: The correct option.

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Answer 2

Question

Chapter 16, Problem 16.12MCQ

To determine

Introduction:

Bank transfer is one were money is sent from one bank to another. Bank transfer schedule is prepared which is used by the auditor to check existence of kites by a client. It lists details of all transfers that is to and from client’s account.

Check Kiting is checking whether amount received is disbursed on the same date or not in books and how many bank reconciliations are outstanding and deposit in transit to be reconciled with bank balances.

To select: The correct option.

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Answer 3

Question

Chapter 16, Problem 16.12MCQ

To determine

Introduction:

Bank transfer is one were money is sent from one bank to another. Bank transfer schedule is prepared which is used by the auditor to check existence of kites by a client. It lists details of all transfers that is to and from client’s account.

Check Kiting is checking whether amount received is disbursed on the same date or not in books and how many bank reconciliations are outstanding and deposit in transit to be reconciled with bank balances.

To select: The correct option.

Expert Solution & Answer

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Answer 4

Question

Chapter 16, Problem 16.12MCQ

To determine

Introduction:

Bank transfer is one were money is sent from one bank to another. Bank transfer schedule is prepared which is used by the auditor to check existence of kites by a client. It lists details of all transfers that is to and from client’s account.

Check Kiting is checking whether amount received is disbursed on the same date or not in books and how many bank reconciliations are outstanding and deposit in transit to be reconciled with bank balances.

To select: The correct option.

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Answer 5

Chapter 16, Problem 16.12MCQ

To determine

Introduction:

Bank transfer is one were money is sent from one bank to another. Bank transfer schedule is prepared which is used by the auditor to check existence of kites by a client. It lists details of all transfers that is to and from client’s account.

Check Kiting is checking whether amount received is disbursed on the same date or not in books and how many bank reconciliations are outstanding and deposit in transit to be reconciled with bank balances.

To select: The correct option.

Answer 6

Chapter 16, Problem 16.12MCQ

To determine

Introduction:

Bank transfer is one were money is sent from one bank to another. Bank transfer schedule is prepared which is used by the auditor to check existence of kites by a client. It lists details of all transfers that is to and from client’s account.

Check Kiting is checking whether amount received is disbursed on the same date or not in books and how many bank reconciliations are outstanding and deposit in transit to be reconciled with bank balances.

To select: The correct option.

Answer 7

Chapter 16, Problem 16.12MCQ

To determine

Introduction:

Bank transfer is one were money is sent from one bank to another. Bank transfer schedule is prepared which is used by the auditor to check existence of kites by a client. It lists details of all transfers that is to and from client’s account.

Check Kiting is checking whether amount received is disbursed on the same date or not in books and how many bank reconciliations are outstanding and deposit in transit to be reconciled with bank balances.

To select: The correct option.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 16 - Prob. 16.1RQ Ch. 16 - Prob. 16.2RQ Ch. 16 - Prob. 16.3RQ Ch. 16 - Prob. 16.4RQ Ch. 16 - Prob. 16.5RQ Ch. 16 - Prob. 16.6RQ Ch. 16 - Prob. 16.7RQ Ch. 16 - Prob. 16.8RQ Ch. 16 - Prob. 16.9RQ Ch. 16 - Prob. 16.10RQ

Solution Summary: The author explains that bank transfer schedule is used by the auditor to check existence of kites by a client. Check Kiting is checking whether amount received is disbursed on the same date or not in books.

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Chapter 16 Solutions