Cash: Cash represents the cash reserves available with the company at a point of time. To Explain: Bank reconciliation.

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Answer 1

Question

Chapter 4, Problem 21RQ

1.

To determine

Cash: Cash represents the cash reserves available with the company at a point of time.

To Explain: Bank reconciliation.

2.

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To Explain: How the bank reconciliation helps in determining whether proper control of cash has been maintained.

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On 1st May, 2024 you are engaged to audit the financial statement of Giant Pharmacy for the period ending 30th December 2023. The Pharmacy is located at Mgeni Nani at the outskirts of Mtoni Kijichi in Dar es Salaam City. Materiality is judged to be TZS. 200,000/=. During the audit you found that all tests produced clean results. As a matter of procedures you drafted an audit report with an unmodified opinion to be signed by the engagement partner. The audit partner reviewed your file in October, 2024 and concluded that your audit complied with all requirements of the international standards on auditing and that; sufficient appropriate audit evidence was in the file to support a clean audit opinion. Subsequently, an audit report with an unmodified opinion was issued on 1st November, 2024. On 18th January 2025, you receive a letter from Dr. Fatma Shemweta, the Executive Director of the pharmacy informing you that their cashier who has just absconded has been arrested in Kigoma with TZS.…

Answer 2

Question

Chapter 4, Problem 21RQ

1.

To determine

Cash: Cash represents the cash reserves available with the company at a point of time.

To Explain: Bank reconciliation.

2.

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To Explain: How the bank reconciliation helps in determining whether proper control of cash has been maintained.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 21RQ

1.

To determine

Cash: Cash represents the cash reserves available with the company at a point of time.

To Explain: Bank reconciliation.

2.

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To Explain: How the bank reconciliation helps in determining whether proper control of cash has been maintained.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 21RQ

1.

To determine

Cash: Cash represents the cash reserves available with the company at a point of time.

To Explain: Bank reconciliation.

2.

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To Explain: How the bank reconciliation helps in determining whether proper control of cash has been maintained.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 21RQ

1.

To determine

Cash: Cash represents the cash reserves available with the company at a point of time.

To Explain: Bank reconciliation.

2.

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To Explain: How the bank reconciliation helps in determining whether proper control of cash has been maintained.

Answer 6

Chapter 4, Problem 21RQ

1.

To determine

Cash: Cash represents the cash reserves available with the company at a point of time.

To Explain: Bank reconciliation.

Answer 7

Chapter 4, Problem 21RQ

1.

To determine

Cash: Cash represents the cash reserves available with the company at a point of time.

To Explain: Bank reconciliation.

Answer 8

2.

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To Explain: How the bank reconciliation helps in determining whether proper control of cash has been maintained.

Answer 9

2.

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To Explain: How the bank reconciliation helps in determining whether proper control of cash has been maintained.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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Cash: Cash represents the cash reserves available with the company at a point of time. To Explain: Bank reconciliation.

Solution Summary: The author explains how the bank reconciliation helps in determining whether proper control of cash has been maintained.

Cash: Cash represents the cash reserves available with the company at a point of time.

To Explain: Bank reconciliation.

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