Cash receipts should be deposited on the day of receipt or the following business day. Select the most appropriate audit procedure to determine that cash is promptly deposited. a. Review the functions of cash receiving and disbursing for proper separation of duties. b. Review cash register tapes prepared for each sale. c. Review the functions of cash handling and maintaining accounting records for proper segregation of duties. d. Compare the daily cash receipts totals with the bank deposits
Cash receipts should be deposited on the day of receipt or the following business day. Select the most appropriate audit procedure to determine that cash is promptly deposited. a. Review the functions of cash receiving and disbursing for proper separation of duties. b. Review cash register tapes prepared for each sale. c. Review the functions of cash handling and maintaining accounting records for proper segregation of duties. d. Compare the daily cash receipts totals with the bank deposits
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 27CYBK
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Cash receipts should be deposited on the day of receipt or the following business day. Select the most appropriate
a. Review the functions of cash receiving and disbursing for proper separation of duties.
b. Review cash register tapes prepared for each sale.
c. Review the functions of cash handling and maintaining accounting records for proper segregation of duties.
d. Compare the daily cash receipts totals with the bank deposits
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