Suppose there was a deposit-in-transit on the year-end bank reconciliation that was not received by the bank

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Suppose there was a deposit-in-transit on the year-end bank reconciliation that was not received by the bank by the cutoff date. Discuss the possible cause(s) of this, and discuss the nature of the potential misstatement(s) that could result.

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Integrated Audit Practice Case

ISBN: 9780912503356

5th Edition

Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens

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Question Posted: Aug 29, 2023 02:57 AM

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Suppose there was a deposit-in-transit on the year-end bank reconciliation that was not received by the bank

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A deposit in transit refers to a deposit made by a company into its bank account that is recorded on the companys books but has not yet been processed ...View the full answer

Integrated Audit Practice Case

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