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How are cash equivalents reported in financial statements

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Reference no: EM133090014

Question - Sarbanes-Oxley, Internal Control, and Cash -

Q1. During the preparation of a bank reconciliation, the assistant controller discovered that the Bank incorrectly recorded a $3290 check as $329. The controller has decided not to notify the bank but wait for the bank to detect the error. The controller plans to record the $2961 error as "Other Income" if the Bank fails to detect the error within the next three months. Please discuss whether the controller is behaving in an ethical manner.

2. How are cash equivalents reported in the financial statements? Please list two examples of cash equivalents.

Responses to Classmates: Please explain to your classmates why there would be differences between the bank balance and the book balance of the cash account.

Reference no: EM133090014

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