Explain why the balance of cash on hand and at bank is always audited, and why a
Question:
Explain why the balance of cash on hand and at bank is always audited, and why a substantive approach is preferred.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 45% (11 reviews)
For many entities cash balances represent only a very small proportion of assets However the amount ...View the full answer
Answered By
Nihal Gupta
I have a passion for teaching. My teaching experience started when I used to teach kids in my society when I was in 12th class. I have been excellent academically right from school and owe all my success to the great teachers I have had. This has motivated me to look to actively help out students with best explanation and advice. I have graduated from one of the best Indian university BITS Pilani. I used to mentor juniors there and was TA for 2 courses. After college, I went on to work for an investment bank as a financial analyst.
I am open to tutoring/helping with doubts for science and finance related subjects.
0.00
0 Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach
ISBN: 978-1119566007
3rd Canadian edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren
Question Posted:
Students also viewed these Business questions
-
Explain why it is important to trace transfers between bank accounts on either side of the end of the reporting period.
-
a. Are there any going concern issues for HCHG? Explain. If so, what are the mitigating circumstances? b. How will you recommend that the issues be handled in the financial statements and the audit...
-
Presented below is financial information related to the 2020 operations of Sea Legs Tours. Maintenance and repairs expense ..............................R$ 95,000 Utilities expense...
-
During 2018, Susan incurred and paid the following expenses for Beth (her daughter), Ed (her father), and herself: Surgery for...
-
An n à n matrix A is nonsingular if and only if the reduced row echelon form of A is I (the identity matrix). In this case answer true if the statement is always true and false otherwise. In...
-
Superior Skateboard Company, located in Ontario, is preparing adjusting entries at December 31, 2023. An analysis reveals the following: a. During December, Superior sold 6,500 skateboards that carry...
-
The data on January 1999 sanitation scores for 121 cruise ships, first presented in Exercise 2.58 (p. 74), are reproduced on page 225. Assess whether the sanitation scores are approximately normally...
-
1. What would be other clues that the AP system is in need of review? 2. Which individuals within the hotel need to be involved in this review process? 3. What would be the likely consequence(s) if...
-
Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 271,630 Aug. 31 Goods finished 167,660 31 Direct materials X 31 Direct labor 35,600 31 Factory overhead X Factory...
-
Griffy, Rodriguez, and Martinez, a CPA firm, is preparing to bid for a consulting job. Although Alicia Martinez will use her judgment about the market in finalizing the bid, she has asked you to...
-
Explain the use and audit of imprest accounts.
-
Describe the procedures for counting cash on hand.
-
This type of memory can hold data for long periods of timeeven when there is no power to the computer. a. RAM b. Primary storage c. Secondary storage d. CPU storage
-
Case # 4 Joseph Joseph, a 19-year-old African American college freshman. Yesterday he spent the afternoon drinking beer and taking shots of vodka with his fraternity brothers. After 6 glasses of beer...
-
1. Kaldor facts [50 points] Kaldor (1961) documented a set of stylized facts on the growth process of industrialized countries. We discussed these facts in lecture 2. Explain if and how the...
-
County has the Investment Activities recorded in its general fund: Tesla Stock: Cost $100, Fair Value on Jan 1x1: $200; Fair Value on Dec 31x2: $300 DJT Stock: Cost: $100; Fair Value on Jan 1x1:...
-
Pets World is a retailer of a popular blend of organic dog food produced by Natural Pets Company. On average, Pets World sells 600 cans per week. The wholesale price that Natural Pets Company charges...
-
Out Supply-Chaining the King of Supply Chainers, How easy (or hard) would it be for rivals like Walmart or Carrefour to adopt Tesco's data management techniques? (Please provide reference...
-
The distribution of Chromebook sales data over the last year is not normal, because it has two modes corresponding to the holiday season and the back-to-school season. Does It Make Sense? For...
-
Per Bag Direct materials: 25 pounds of CWhiz-2000 @ $0.08/lb. = $ 2.00 Direct labor: 0.05 hour @ $32.00/hr. = $ 1.60 The company manufactured 100,000 bags of Cheese-Be-Good in December and used...
-
Name a generally accepted framework used to describe internal controls.
-
Why is it important to understand (and assess) internal controls?
-
What is an internal control?
-
Regarding Enron, this was a company that resulted in the creation of the Sarbanes-Oxley Act and many reforms to the accounting profession. Research the company and answer the following...
-
Clayton received a $140,000 distribution from his 401(k) account this year. Assuming Clayton's marginal tax rate is 25 percent, what is the total amount of tax and penalty Shauna will be required to...
-
Mass LLp developed software that helps farmers to plow their fiels in a mannyue sthat precvents erosion and maimizes the effoctiveness of irrigation. Suny dale paid a licesnsing fee of $23000 for a...
Study smarter with the SolutionInn App