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 process involves comparing the company's cash balance in its accounting records with the balance reported in its bank statement. Any discrepancies must be investigated and resolved. One common error that can be discovered during this process is the failure to include a deposit in transit on the bank reconciliation. This occurs when the company has deposited funds that have not yet been cleared by the bank, resulting in a discrepancy between the two balances. The other choices (A, C, and D) are not related to the bank reconciliation process and would typically be discovered through other audit procedures.

Which of the Following Would Normally Be Discovered as Part