The general cash account is considered insignificant in the audit when the ending balance is immaterial.

Name: The general cash account is considered insignificant in the audit when the ending balance is immaterial.
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Question

Quizplus · Accepted Answer

The general cash account is considered significant in the audit process regardless of the ending balance because it is highly liquid and susceptible to misappropriation or fraud, making it a key area of focus for auditors to ensure accurate financial reporting.

The General Cash Account Is Considered Insignificant in the Audit