Page contents

Principles of Auditing and Other Assurance Services 20th Edition By Whittington – Test Bank

Instant delivery only

  • ISBN-10 ‏ : ‎ 1259619028
  • ISBN-13 ‏ : ‎ 978-1259619021

In Stock

$28.00

Add to Wishlist
Add to Wishlist
Compare
SKU:tb1002775

Principles of Auditing and Other Assurance Services 20th Edition By Whittington – Test Bank

Chapter 10
Cash and Financial Investments

True / False Questions

1. The auditors should count small petty cash funds at year-end to make sure that balance is not understated on the financial statements.

True False

2. Control over the receipt of cash sales is best achieved when two or more employees participate in each transaction.

True False

3. Mailroom personnel of a company should prepare a control listing of incoming cash receipts and deposit them intact daily.

True False

4. Signed checks should be returned to the cash disbursements clerk for mailing.

True False

5. Lapping of accounts receivable by an employee is not possible when there is adequate segregation of duties with respect to cash disbursements.

True False

6. Confirmations for cash balances should be mailed only to the financial institutions with which the client has a cash balance at year-end.

True False

7. A proof of cash is an audit procedure that is performed on almost every engagement.

True False

8. A compensating balance agreement always requires that cash be reclassified as a noncurrent asset.

True False

9. Verification of cash and other liquid assets on the same date may prevent substitution of one form of asset for another.

True False

10. For investments in securities accounted for by the equity method, the auditors are primarily concerned with verifying the fair value of the investments.

True False

Reviews

There are no reviews yet.

Write a review

Your email address will not be published. Required fields are marked *

Product has been added to your cart