Most audits result in unqualified audit opinions. True or False True False An error is considered material if it would trigger an IRS audit. True or False True False Which of the following internal control procedures should be implemented to control cash? Multiple Choice Disbursements by prenumbered checks Depositing cash receipts in the bank on a timely basis Providing copies of written receipts to customers All of these answer choices are Preparing a bank reconciliation is a control activity True or False True False The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $52,049. 2. Deposits in transit on June 30 were $2.930. 3. A debit memo was included with the bank statement for a service charge of $14. 4. A $3,896 check written in June had not been paid by the bank. 5. The bank statement included a $650 credit memo for the collection of a note. The principal of the note was $600, and the interest collected amounted to $50. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance Most audits result in unqualified audit opinions. True or False True False An error is considered material if it would trigger an IRS audit. True or False True False Which of the following internal control procedures should be implemented to control cash? Multiple Choice Disbursements by prenumbered checks Depositing cash receipts in the bank on a timely basis Providing copies of written receipts to customers All of these answer choices are Preparing a bank reconciliation is a control activity True or False True False The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $52,049. 2. Deposits in transit on June 30 were $2.930. 3. A debit memo was included with the bank statement for a service charge of $14. 4. A $3,896 check written in June had not been paid by the bank. 5. The bank statement included a $650 credit memo for the collection of a note. The principal of the note was $600, and the interest collected amounted to $50. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance