Question
Question 8 The most important control over the existence, completeness, and valuation of cash balances _______. A. is immediate collection of cash by companies B.
Question 8
The most important control over the existence, completeness, and valuation of cash balances _______.
A. is immediate collection of cash by companies | ||
B. is to defer cash collection for as long as possible | ||
C. is an independent bank reconciliation | ||
D. is written representation by senior management with respect to the accuracy of the cash balance |
Question 9
In which of the following assertions is inherent risk moderate and cash does not usually have significant disclosures?
A. Presentation and disclosure | ||
B. Valuation and allocation | ||
C. Rights and obligations | ||
D. Completeness |
Question 10
An analytical procedure related to the substantive testing of cash balances would be to _______.
A. calculate cash as a percent of total assets and compare with auditor expectations | ||
B. calculate cash as a percent of total assets and compare with internal auditor expectations | ||
C. send notes payable confirmations to creditors | ||
D. send confirmations to the client firm's stockholders |
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