Which adjustments need to be recorded in the accounting records? Those that affected the bank balance or the cash account balance in the ledger? What is the result of the adjustments not being recorded?

Q: Which of the following reconciling items may not result from bank side reccords of a bank account?…

A: Bank Reconciliation statement is a statement prepared to reconcile the cash book balance and bank…

Q: Where and how are financial records kept? Who is responsible for their storage ? Is there a length…

A: Financial records are essential for any firm to understand the company's financial history,…

Q: What are the key components of a promissory note that need to be considered in accounting?

A: Promissory notes are  frequently used in fiscal deals  similar as loans, mortgages, and  marketable…

Q: Confirmations of bank accounts may help the auditor to determine if material amounts of accounts…

A: An auditor is a professional, frequently an independent third party, who examines and verifies…

Q: What are your key takeaways from the receivables audit? How critical is receivables to the business?…

A: This question deals with the receivables audit.

Q: How is a correction of an accounting error made?

A: Accounting error:   It is a non-fraudulent discrepancy in the financial documents of an…

Q: Which audit claims will be met by the audit method of cash count and bank verification requests

A: introduction: If the management's financial statements have any inaccuracies or frauds, the only…

Q: If an accountant mistakenly uses the General journal to record a payment of cash for a bill that is…

A: The general journal is the book in which raw business transactions are recorded.The first book in…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: To protect the assets and to enhance the accuracy and reliability of its accounting records,…

Q: The bank balance in the cash book and that of the bank statement may disgrace because of…

A: Bank balance in cash book means balance shown in books of the company as cash balance. Bank…

Q: The amount for the bank error will be recorded on the bank reconciliation statement on the ....

A: A bank reconciliation statement is prepared to match the balance of cash in the books of company…

Q: What is contra entry in cash book? How is it recorded?

A: Meaning of Contra-EntryIn the dual entry accounting system, a contra entry is an entry which is…

Q: Why should cash receipts be deposited on the day of receipt?

A: Cash receipts refers to the money received in the form of cash on a specific date or during a…

Q: What is the process of confirming accounts receivable balances. Why is it important for auditors to…

A: The main objective of the auditor is to provide an opinion on the financial statement audited. The…

Q: f an accountant mistakenly uses the General journal to record a payment of cash for a bill that is…

A:

Q: After preparing a bank reconciliation, what adjustments does the company need to make to its…

A:

Q: Why should cash receipts be deposited on the same day they are received?

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: When an uncollectible account is recovered after it has been written off, which of the following…

A: When an uncollectible account is recovered after it has been written off, allowance for doubtful…

Q: How do you account for a bounced check or a dishonored check?

A: A bounced check, also known as a dishonored check, is a check that is returned unpaid by the bank…

Q: What is the impact on the accounting equation when an accounts receivable is collected

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: 1. During the reconciliation of the company’s cash account with its bank statement, what should the…

A: Answer: Bank reconciliation is the action performed to match cash balance as per books and cash…

Q: what is Debit balance and Credit balance in ledger?

A: Introduction: A ledger account is a record of commercial transactions. It is a discrete record…

Q: How does accounting for uncollectible accounts affect the amount reported for net accounts…

A: Uncollectible accounts refer to that portion of credit sales which the company does not expect to…

Q: Why should purchases to credit customers and cash receipts from credit customers be quickly…

A: sales can be either cash sales or credit sales. Credit sales will have accounts receivables or…

Q: How is Accounts Receivable audited?

A: Accounts receivable is one of the largest assets that a company has; therefore auditors tend to…

Q: bank balance in the cash book and that of the bank statement

A: Bank balance in cash book means amount of balance of bank ledger in the books of the entity/person…

Q: What is the adjusted balance on the bank reconciliation? (See image of additional info)

A: Cash balance as per bank statement 12,175 Add: Deposits in transit 1800   13,975 Less:…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.