Solved

Match Six of the Terms (A-K)with the Descriptions/definitions Provided Below

Question 129

Question 129

Matching

Match six of the terms (a-k)with the descriptions/definitions provided below (1-6):

Premises:

Responses:

a fund of cash maintained within the company for small cash acquisitions,expenses,or to cash employees' checks

cutoff bank statement

the primary bank account for most organizations

imprest petty cash fund

excess cash invested in short-term,highly liquid investments such as time deposits,certificates of deposit,and money market funds

kiting

a form approved by the AICPA and American Bankers' Association through which the bank responds to the auditor about bank balance and loan information

lapping

the transfer of money from one bank account to another and improperly recording the transfer so that the amount is recorded as an asset in both accounts

proof of cash

the document usually prepared by client personnel of the differences between the cash balance recorded in the general ledger and the amount in the bank account

bank reconciliation

imprest payroll account

general cash account

standard bank confirmation form

cash equivalents

branch cash account

Premises:

a fund of cash maintained within the company for small cash acquisitions,expenses,or to cash employees' checks

the primary bank account for most organizations

excess cash invested in short-term,highly liquid investments such as time deposits,certificates of deposit,and money market funds

a form approved by the AICPA and American Bankers' Association through which the bank responds to the auditor about bank balance and loan information

the transfer of money from one bank account to another and improperly recording the transfer so that the amount is recorded as an asset in both accounts

the document usually prepared by client personnel of the differences between the cash balance recorded in the general ledger and the amount in the bank account

Responses:

cutoff bank statement

imprest petty cash fund

kiting

lapping

proof of cash

bank reconciliation

imprest payroll account

general cash account

standard bank confirmation form

cash equivalents

branch cash account

Correct Answer:

Premises:

Responses:

cutoff bank statement

imprest petty cash fund

kiting

lapping

proof of cash

bank reconciliation

imprest payroll account

general cash account

standard bank confirmation form

cash equivalents

branch cash account

Related Questions

Q121: When an auditor is verifying quoted market

Q122: The most important objectives for financial instruments

Q126: Completeness is an important objective for derivative

Q127: Business risks associated with financial instruments are

Q129: Auditing guidance is provided for auditing accounting

Q131: Presentation and disclosure objectives are important when

Q135: Cutoff is more important in testing transactions

Q138: Tests related to realizable value will vary

Q142: When auditing financial instruments, the most difficult

Q143: Securities and contracts will typically be held

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents