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In class we reviewed a bank reconciliation and some related audit procedures. Which of the following activities would normally be discovered as part of a
In class we reviewed a bank reconciliation and some related audit procedures. Which of the following activities would normally be discovered as part of a bank reconciliation activity? 1 point for each correct answer and minus one point for each incorrect answer. Failure to bill a customer Customer payment received after year end but recorded prior to year end Duplicate payment of a vendor invoice Payment for materials not received Direct charges initiated by the bank for a loan payment Omission of a check from the outstanding check listing Deposit recorded as cash near year end and included in the bank reconciliation as a deposit in transit Improper payment for personal expenses of the owner Payment to an employee for more hours than they worked
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