Which of the following would normally be discovered as part of the audit of the bank reconciliation?
A)Failure to bill a customer
B)Failure to include a deposit in transit on the bank reconciliation
C)Duplicate payment of a vendor's invoice
D)Payment to an employee for more hours than she worked

Question

Quizplus · Accepted Answer

The bank reconciliation involves comparing the bank statement to the company's records and identifying any differences or discrepancies. One common difference is the presence of deposits in transit, which have been recorded by the company but not yet cleared by the bank. If such deposits are not included on the bank reconciliation, the company's cash balance will be understated. The other answer choices are unrelated to the bank reconciliation and would not typically be discovered through this audit.

Which of the Following Would Normally Be Discovered as Part