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tif_ch23 (1) - CHAPTER 23 Multiple-Choice Questions 1 easy...

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CHAPTER 23 Multiple-Choice Questions 1. easy c Which of the following misstatements is most likely to be uncovered during an audit of a client’s bank reconciliation? a. Duplicate payment of a vendor’s invoice. b. Billing a customer at a lower price than indicated by company policy. c. Failure to record a collection of a note receivable by the bank on the client’s behalf. d. Payment to an employee for more than the hours actually worked. 2. easy a Which of the following is the focus of an audit of cash for most companies? a. General cash account. b. Payroll cash account. c. Petty cash account. d. Money market account. 3. easy c The test of details of balances procedure that requires the auditor to foot the outstanding check list and deposits in transit is an attempt to satisfy which audit objective? a. Cutoff. b. Presentation and disclosure. c. Detail tie-in. d. Completeness. 4. easy b Which of the following cycles does not affect cash in bank? a. Capital acquisitions cycle. b. Inventory and warehousing. c. Payroll and personnel cycle. d. Acquisitions and disbursements. 5. easy c The audit objective of determining that cash in bank, as stated on the reconciliation, foots correctly and agrees with the general ledger can be tested by which of the following procedures? 6. easy a The test of balances procedure that requires the auditor to trace the book balance on the reconciliation to the general ledger is an attempt to satisfy the audit objective of 7. easy d Which of the following statements is correct? 23-1
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8. easy c A partial-period bank statement and the related canceled checks, duplicate deposit slips, and other documents included in bank statements, mailed by the bank directly to the CPA firm’s office, is called a. a four-column proof of cash. b. a year-end bank statement. c. a cutoff bank statement. d. a short-period bank statement.
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