Bank Reconciliation: A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation. Internal Control: Internal control is a procedure which needs to put at the time of growing and developing its business. It can also relate to procurement, production, human resources and IT. Internal control also comes in use for the safeguard of assets. 1. To identify: Best person in Dr. C’s office to reconcile the bank statement.

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Answer 1

Question

Chapter 6, Problem 3AA

To determine

Bank Reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation.

Internal Control:

Internal control is a procedure which needs to put at the time of growing and developing its business. It can also relate to procurement, production, human resources and IT. Internal control also comes in use for the safeguard of assets.

1.

To identify: Best person in Dr. C’s office to reconcile the bank statement.

2.

To determine

To explain: Can bank reconciliation uncover the office fraud.

3.

To determine

To explain: Procedures to detect fraud in such case.

4.

To determine

To explain: Internal controls that Dr. C could implement.

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Answer 2

Question

Chapter 6, Problem 3AA

To determine

Bank Reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation.

Internal Control:

Internal control is a procedure which needs to put at the time of growing and developing its business. It can also relate to procurement, production, human resources and IT. Internal control also comes in use for the safeguard of assets.

1.

To identify: Best person in Dr. C’s office to reconcile the bank statement.

2.

To determine

To explain: Can bank reconciliation uncover the office fraud.

3.

To determine

To explain: Procedures to detect fraud in such case.

4.

To determine

To explain: Internal controls that Dr. C could implement.

Expert Solution & Answer

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Answer 3

Question

Chapter 6, Problem 3AA

To determine

Bank Reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation.

Internal Control:

Internal control is a procedure which needs to put at the time of growing and developing its business. It can also relate to procurement, production, human resources and IT. Internal control also comes in use for the safeguard of assets.

1.

To identify: Best person in Dr. C’s office to reconcile the bank statement.

2.

To determine

To explain: Can bank reconciliation uncover the office fraud.

3.

To determine

To explain: Procedures to detect fraud in such case.

4.

To determine

To explain: Internal controls that Dr. C could implement.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 3AA

To determine

Bank Reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation.

Internal Control:

Internal control is a procedure which needs to put at the time of growing and developing its business. It can also relate to procurement, production, human resources and IT. Internal control also comes in use for the safeguard of assets.

1.

To identify: Best person in Dr. C’s office to reconcile the bank statement.

2.

To determine

To explain: Can bank reconciliation uncover the office fraud.

3.

To determine

To explain: Procedures to detect fraud in such case.

4.

To determine

To explain: Internal controls that Dr. C could implement.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 3AA

To determine

Bank Reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation.

Internal Control:

Internal control is a procedure which needs to put at the time of growing and developing its business. It can also relate to procurement, production, human resources and IT. Internal control also comes in use for the safeguard of assets.

1.

To identify: Best person in Dr. C’s office to reconcile the bank statement.

2.

To determine

To explain: Can bank reconciliation uncover the office fraud.

3.

To determine

To explain: Procedures to detect fraud in such case.

4.

To determine

To explain: Internal controls that Dr. C could implement.

Answer 6

Chapter 6, Problem 3AA

To determine

Bank Reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation.

Internal Control:

Internal control is a procedure which needs to put at the time of growing and developing its business. It can also relate to procurement, production, human resources and IT. Internal control also comes in use for the safeguard of assets.

1.

To identify: Best person in Dr. C’s office to reconcile the bank statement.

Answer 7

Chapter 6, Problem 3AA

To determine

Bank Reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation.

Internal Control:

Internal control is a procedure which needs to put at the time of growing and developing its business. It can also relate to procurement, production, human resources and IT. Internal control also comes in use for the safeguard of assets.

1.

To identify: Best person in Dr. C’s office to reconcile the bank statement.

Answer 8

2.

To determine

To explain: Can bank reconciliation uncover the office fraud.

Answer 9

2.

To determine

To explain: Can bank reconciliation uncover the office fraud.

Answer 10

3.

To determine

To explain: Procedures to detect fraud in such case.

Answer 11

3.

To determine

To explain: Procedures to detect fraud in such case.

Answer 12

4.

To determine

To explain: Internal controls that Dr. C could implement.

Answer 13

4.

To determine

To explain: Internal controls that Dr. C could implement.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 6 - Prob. 1MCQ Ch. 6 - Prob. 2MCQ Ch. 6 - Prob. 3MCQ Ch. 6 - Prob. 4MCQ Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ

Solution Summary: The author explains how Dr. C is the best person to reconcile a bank statement. She could establish approval procedures for each miscellaneous credit and monitor day-to-day activities in the office.

To explain: Can bank reconciliation uncover the office fraud.

To explain: Procedures to detect fraud in such case.

To explain: Internal controls that Dr. C could implement.

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Chapter 6 Solutions