W procedure related to the substantive testing of cash balances expectataan as a percent of total assets and compare with auditor cash as a percent of total assets and compare with interior 52 An analytical procedure rela would be to A calculate cash as a percent of to pectations B, calculate cash as a percent auditor expectations C. Bend notes payable confirmations to creditors Send confirmations to the client firm's stockholders 53 Before proceeding with tests of de Proceeding with tests of details of cash balances, the acon should A. attempt to confirm cash balances with the firms' creditors B. ensure that an understanding has been obtained regarding the and its environment and the importance of cash balances to the en C. ensure that an understanding has been obtained regarding the entity and its environment and the importance of cash balances to the entity D. issue a tentative audit opinion related to cash as been obtained regarding the auditor 54. Which of the following include cash in the bank, such as the primary bank account of the company? A. Cash and cash equivalents B. Transaction classes C. Disclosures D. Debt assets 55. For companies that purchase goods on account, the transaction should A. record purchases and accounts payable upon ordering of the goods B. record purchases and accounts payable upon the receipt of goods C. be input into the ledger by the auditor once it has been reviewed D. overstate equity until the goods are paid for 56. If a company receives goods but waits to record the transaction until a vendor's invoice is received, - A. purchases and accounts payable will be understated B. purchases and accounts payable will be overstated C. purchases will be overstated and accounts payable will be understated D. purchases will be understated and accounts payable will be overstated