Question
What assertion is most directly tested by the listed substantive test for Cash testing? 1. Confirm bank account balance with the financial institution. 2. Foot
What assertion is most directly tested by the listed substantive test for Cash testing?
1. Confirm bank account balance with the financial institution. 2. Foot the bank reconciliation. 3. Trace the book balance on the bank reconciliation to the general ledger. 4. Examine the bank confirmation for any ownership restrictions on the client's cash account. 5. Trace deposits in transit and outstanding checks from the bank reconciliation to the cutoff bank statement. 6. Determine if the accounting method used by the client to record investment transactions is appropriate and reasonable
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