The general cash account is considered a significant account in almost all audits
A) where the ending balance is material.
B) even when the ending balance is immaterial.
C) except those of not-for-profit organizations.
D) where either the beginning or ending balance is material.

Question

Quizplus · Accepted Answer

The general cash account is considered a significant account because it involves the receipt and disbursement of cash, which is a fundamental aspect of the business. Therefore, it is considered significant in almost all audits, even if the ending balance is immaterial.

The General Cash Account Is Considered a Significant Account in Almost