ACCT 5100 CHAPTER 30-MCQ If a bank does not respond to a bank confirmation request, an

Jul 25th, 2016
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Perform alternative procedures Send a second request Ask the client to communicate with the bank to ask them to complete and return the confirmation a. No Yes Yes b. No No Yes c. Yes No Yes d. Yes Yes No The most important controls for petty cash relate to: The use of a separate bank account The use of an imprest fund a. Yes Yes b. No No c. Yes No d. No Yes Which of the following cash transfers results in a misstatement of cash at December 31, 2007? Bank Transfer Schedule Recorded Disbursement Recorded Date transfer paid by transfer received in books by bank in books by bank a. 12/31/07 1/04/08 12/31/07 12/31/07 b. 1/04/08 1/05/08 12/31/07 1/04/08 c. 12/31/07 1/05/08 12/31/07 1/04/08 d. 1/04/08 1/11/08 1/04/08 1/04/08 _____ is cash stolen from an organization before it is recorded in the accounting records. a. Theft b. Cash larceny c. Skimming d. Floating The most important balance-related audit objectives in

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ACCT 5100 CHAPTER 30-MCQ If a bank does not respond to a bank confirmation request, ana.b.c.d.Perform alternativeproceduresNoNoYesYesSend a secondrequestYesNoNoYesAsk the client to communicate withthe bank to ask them to completeand return the confirmationYesYesYesNoThe most important controls for petty cash relate to:a.b.c.d.The use of a separate bank accountYesNoYesNoThe use of an imprest fundYesNoNoYesWhich of the following cash transfers results in a misstatement of cash at December 31, 2007?Bank Transfer ScheduleRecorded DisbursementRecorded Datetransfer paid bytransferreceivedin books by bankin booksby banka.12/31/07 1/04/0812/31/0712/31/07b.1/04/08 1/05/0812/31/071/04/08c.12/31/07 1/05/0812/31/071/04/08d.1/04/08 1/11/081/04/081/04/08_____ is cash stolen from an organization before it is recorded in the accounting records.a.Theftb.Cash larcenyc.Skimmingd.FloatingThe most important balance-related audit objectives in the audit of cash include all but which ofthe following?a. Existenceb. Accuracyc. Completenessd. OccurrenceDuring his examination of a January 19, 2008 cutoff bank statement, an auditor noticed that themajority of checks listed as outstanding at December 31, 2007, had not cleared the bank. Thiswould indicate:a.a high probability of kiting.b.a high probability of lapping.c.that the 2007 cash disbursements records had been closed prior to December 31, 2007.d.that

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