EP AUDITING+ASSURANCE...-MYACCT.LAB
16th Edition
ISBN: 9780134148656
Author: ARENS
Publisher: PEARSON CO
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Question
Chapter 23, Problem 16.1MCQ
To determine
Identify the controls that will mostly likely detect a kiting scheme.
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The bank reconciliation ? Please explain with full explanation.
a. should be prepared by an employee who records cash transactions
b. is part of the internal control system
c. is for information purposes only
d. is sent to the bank for verification
How the use of Bank contributes to the internal control: Select one: O a. Omit bank reconciliation O b. Create a single record for bank transactions O c. Maximize the amount of currency on hand O d. Creates a double record of bank transactions Clear my choice
Which of the following controls will help prevent skimming?
a.
The accounts receivable bookkeeper’s duties are separated from preparing the bank deposit
b.
The accounts receivable bookkeeper has access to collections from customers.
c.
The accounts receivable bookkeeper is responsible for preparing the bank deposit.
d.
The accounts receivable bookkeeper makes all entries in the cash receipts book.
Chapter 23 Solutions
EP AUDITING+ASSURANCE...-MYACCT.LAB
Ch. 23 - Explain the relationships among the initial...Ch. 23 - Prob. 2RQCh. 23 - Prob. 3RQCh. 23 - Prob. 4RQCh. 23 - Prob. 5RQCh. 23 - Prob. 6RQCh. 23 - Prob. 7RQCh. 23 - Prob. 8RQCh. 23 - Prob. 9RQCh. 23 - Prob. 10RQ
Ch. 23 - Prob. 11RQCh. 23 - Prob. 12RQCh. 23 - Prob. 13RQCh. 23 - Prob. 14.1MCQCh. 23 - Prob. 14.2MCQCh. 23 - Prob. 14.3MCQCh. 23 - Prob. 15.1MCQCh. 23 - Prob. 15.2MCQCh. 23 - Prob. 15.3MCQCh. 23 - Prob. 16.1MCQCh. 23 - Prob. 16.2MCQCh. 23 - Prob. 16.3MCQCh. 23 - Prob. 17DQPCh. 23 - Prob. 18DQPCh. 23 - Prob. 19DQPCh. 23 - Prob. 20DQPCh. 23 - Prob. 21DQPCh. 23 - You are doing the first-year audit of Sherman...Ch. 23 - Prob. 23DQPCh. 23 - McNeil Company, a medium-sized manufacturer of...Ch. 23 - The amount of subjectivity involved in...
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- Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transitarrow_forwardWhat is the purpose of the bank reconciliation?arrow_forwardWhich one of the following documents is used in the control of cash receipts?a. Purchase requisitionsb. Receiving reportsc. Canceled checks from customersd. Bank deposit slipsarrow_forward
- In sap, Which of the following outgoing payments will not require manual entry of bank account?a. Cashb. Credit Cardc. Checkd. Bank Transferarrow_forwardIn preparing a bank reconciliation, what is the proper treatment of a deposit in transit?arrow_forwardWhat are some common controls used with a bank account?arrow_forward
- Please prepare the bank reconciliation for CSAarrow_forwardWhich of the following are found on the bank side of the bank reconciliation? Group of answer choices 1.NSF check 2.interest income 3.wire transfer into client’s account 4.deposit in transitarrow_forwardDebate the logic used in the following statement: "The person responsible for handling cash receipts should also prepare the bank reconciliation because he is most familiar with the deposits that have been made to the bank account.arrow_forward
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