Which of the following is not true regarding the confirmation of cash balances? Question 23 options: The confirmation may provide some evidence regarding the Completeness of debt. The confirmation will provide evidence regarding the Existence of cash. The confirmation will provide evidence regarding the client's Rights to the cash. The confirmation may provide some evidence regarding the Completeness of accounts payable.

Q: Which of the following is NOT a criterion for evaluating bank liquidity used by regulators? a.…

A: Bank liquidity refers to measures of cash and other assets equivalent to cash which is available…

Q: The explanation of the differences between the cash account balance according to the company’s book…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following communications is most likely to be written before the balance-sheetdate?a. A…

A: D.Correct.- An engagement letter would be written before accepting an engagement and therefore…

Q: Which audit claims will be met by the audit method of cash count and bank verification requests

A: introduction: If the management's financial statements have any inaccuracies or frauds, the only…

Q: Which of the following would be added to the balance per books on a bank reconciliation?   Question…

A: In  Cash Book we maintain Cash and Bank columns.  The Bank columns incudes bank…

Q: Which of the following is not an objective of the cash audit? determine that a. A long-term…

A: Objectives of Cash Audit One of the objectives for a cash audit is to verify that the recorded cash…

Q: -Identify the external source of audit evidences to reconcile the imbalance in the cash book and…

A: External source of audit evidences are collected by the auditor outside the client's organization.

Q: 47-Which among the following is not a liquid asset Cash deposited in a bank Stock Bills receivable…

A: The assets are categorized as fixed assets, current assets and liquid assets.

Q: If the balance shown in the bank statement is less than the correct cash balance and neither the…

A: A bank reconciliation statement (BRS) refers to a statement drawn up by the business to verify the…

Q: Explain how each of the following items is reported in a complete set of financial statements,…

A: Financial statements comprises of income statement, balance sheet and cash flow statement in which…

Q: From the following alternatives, choose the internal sources of audit evidence. a. Confirmation from…

A: Internal sources of audit evidence include a company's documented processes, policy documents,…

Q: Why is it important to prepare a bank reconciliation?

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…

Q: The proper treatment of outstanding cheques Is to report them in the bank reconcillation as which of…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: The auditor would like to determine any cash restriction. Which of the following audit procedures…

A: Budget audits or a third-party objective review and evaluation of a company's financial accounts are…

Q: Evidence comes in various types and has different degrees of reliability. Below are some pairs of…

A: The auditors are professional who possesses accounting, auditing, and taxation expertise. The…

Q: When preparing a bank reconciliation, if the adjusted book balance and the adjusted bank balance are…

A: Equal amount of Adjusted book balance and the adjusted bank balance doesn't tell the cash is used…

Q: The auditor would like to determine any cash restriction. Which of the following audit procedures…

A: Audit Procedure: In the context of financial statements, audit procedures are the steps taken by…

Q: Indicate if the statement is TRUE or FALSE. Additionally, assess if the word "may" is the most…

A: IFRS 7 on statement of cash flow recommends how a statement of cash flow should be prepared and…

Q: Accompanying the bank statement was a debit memo for bank service charges.  On the bank…

A: Bank service charge: Bank service charge is charges levied by the bank for the services provided or…

Q: bank balance in the cash book and that of the bank statement

A: Bank balance in cash book means amount of balance of bank ledger in the books of the entity/person…

Q: When the question states that the balance in the cash at bank account and the bank statement did not…

A: A bank reconciliation statement, as the name indicates, reconciles the cash and bank balance of the…

Q: properly defaults and is under liquidation, can the creditors of the bank touch and receive the…

A: Answer: Concept: When the liquidation occurs in bank, there is preferential payment that are to be…

Q: If a bank is in a 'state of continuing inability or unwillingness to maintain a condition of…

A: Liquidity is the risk to a bank's earnings and capital arising from its inability to timely meet…

Q: Assume that Oman Formaldehyde Chemical Company LLC sold the chemical of OMR 540 to the customer and…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Q: Which of the following statement is prepared to identify the discrepancies between the cash balance…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Which of the following questions would auditors most likely include on an internal control…

A:

Q: Which of the following statement is incorrect regarding Cash and Cash Equivalents?   a. Postage…

A: Cash and Cash Equivalent - It refers to the various value of company's assets which are can be…

Q: When a sinking fund exists the auditors should be able to identify cash or other assets set aside…

A: Sinking Fund-: A Sinking Fund is a fund comprising money set differently or protected to settle a…

Q: 13 -   Which of the following transactions does the above record belong to ?      a) Giving the…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

Q: Which of the following items would normally be EXCLUDED from the amount to be reported as cash on a…

A: Statement of financial position is the one on which the company's assets and liabilities are…

Q: Identify each of the following reconciling items as: an addition to the cash balance according to…

A:

Q: related to cash? What are the most important assertions related to cash? How will auditors test…

A: Cash is a highly liquid asset held by a business firm at a point of time. It is recorded under the…

Q: Identify which one of the following statement is not correct? a. The credit limit under the facility…

A: A cash credit is a line of credit lent against the asset and liabilities, credit worthiness etc. The…

Q: Effective cash management and control includes all of the following except: a.purchase of shares…

A: Effective cash management includes maintaining adequate levels of cash to meet the entity's capital…

Q: What is a major objective of financial reporting? Group of answer choices To provide information…

A: A financial report presents all those necessary information to not only its shareholders but also it…

Q: Which of the following statements is false? a. Legally restricted bank deposits held as compensating…

A: Cash and Cash Equivalents Here is related to the Cash and its Equivalents which are relation with…

Q: Which cash reconciling item could potentially affect either the bank statement or the general…

A: The bank reconciliation statement is prepared to match the balance of cash book and pass book.

Q: The portion of an entity’s cash account that is held as a compensating balance must be aggregated…

A: A compensating balance refers to the minimum portion of an entity’s cash account that a borrower…

Q: Which one of the following items requires an adjustment on the bank side of the bank​…

A: An error on the bank side or any omission in the bank statement requires an adjustment on the bank…

Q: In the reconciliation of a bank statement, "deposits in transit" should be: a. added to the…

A: Deposits in transit are the amount of cash that has been deposited by the business but has not been…

Q: A common audit procedure to verify the existence assertion of cash account balances is: a.…

A: Existence assertion is the assertion that the assets and the liabilities which is appearing the…

Q: What audit procedures would you use to determine that the cash balances actually exist at the…

A: Audit Procedure: In the context of financial statements, audit procedures are the steps taken by…

Q: If the cash balance shown on the entity is accounting records is less than the correct each balance…

A: Answer

Q: The auditor must mail cash confirmations, but the client may mail long-term debt confirmations. True…

A: Confirmation Letter: It is a letter sent by an external  auditor to the suppliers/financial…

Q: The auditor must mail cash confirmations, but the client may mail long-term debt confirmations.…

A: The given statement is True....

Q: It is probable that the Cash balance will vary from the sum on the bank statement. Which two reasons…

A: The Answer :