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

Question 146

Question 146

Matching

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

Premises:

Responses:

the primary bank account for most organizations

bank reconciliation

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

cash equivalents

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

imprest petty cash fund

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

kiting

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

general cash account

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

proof of cash

imprest payroll account

lapping

cutoff bank statement

standard bank confirmation form

branch cash account

Premises:

the primary bank account for most organizations

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

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

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

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

Responses:

bank reconciliation

cash equivalents

imprest petty cash fund

kiting

general cash account

proof of cash

imprest payroll account

lapping

cutoff bank statement

standard bank confirmation form

branch cash account

Correct Answer:

Premises:

Responses:

bank reconciliation

cash equivalents

imprest petty cash fund

kiting

general cash account

proof of cash

imprest payroll account

lapping

cutoff bank statement

standard bank confirmation form

branch cash account

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