$1: Underlying accounting data includes journal entries, general ledgers, and confirmation replies. S2: Observation of physical inventories would be a relevant evidence as to inventory quantity but not the client's ownership of the items inventoried. S3: A bank reconciliation supporting balance of the cash account is evidence of the existence of cash balance but not enough to support a conclusion that all cash are accounted for. A: Ifall statements are correct. B-If only one statement is correct. C- If only two statements are correct. D- If all statements are incorrect.
$1: Underlying accounting data includes journal entries, general ledgers, and confirmation replies. S2: Observation of physical inventories would be a relevant evidence as to inventory quantity but not the client's ownership of the items inventoried. S3: A bank reconciliation supporting balance of the cash account is evidence of the existence of cash balance but not enough to support a conclusion that all cash are accounted for. A: Ifall statements are correct. B-If only one statement is correct. C- If only two statements are correct. D- If all statements are incorrect.
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash And Marketable Securities
Section: Chapter Questions
Problem 33MCQ
Related questions
Question
$1: Underlying accounting data includes
S2: Observation of physical inventories would be a relevant evidence as to inventory quantity but not the client's ownership of the items inventoried.
S3: A bank reconciliation supporting balance of the cash account is evidence of the existence of cash balance but not enough to support a conclusion that all cash are accounted for.
A: Ifall statements are correct.
B-If only one statement is correct.
C- If only two statements are correct.
D- If all statements are incorrect.
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