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The balance per the bank ststement on 10.31.06, was 18280. Outstanding checks were: n0.62 for 326.75, no.183 for 150.00, no. 284 for 253.25, no. 862 for 190.71, no. 863 for 226.80, and no. 864 for 165.28. Included with the statement was a credit memorandum of 300.00 indicating the collection of a note receivable for Stupendous Company by the bank on October 25. This memorandum has not been recorded by the company. The company ledger showed one cash account with a balance of 21892.72. The balance included undeposited cash on hand. Because of the lack of internal controls, Stickyfingers took for personal use all of the undeposited receipts in excess of 3795.51.
a.) Prepare a correct bank reconciliation( Hint: Deduct the amount of the theft from the adjusted balance per books).
What would be the reliability of the bank system below if each of the three components had a backup with a reliability of .80?
Verna's makes all sales on account, subject to the following collection pattern: 25% are collected in the month of sale; 60% are collected in the first month after sale; and 15% are collected in the second month after sale.
Identify the processes of Microsoft organization uses to comply with Sec regulations.
Summarize the primary purposes of an internal control system. What are the three internal control objectives for financial reporting?
A bank branch must keep a stock of cash on hand for customer withdrawals. The net daily withdrawal rate at the branch is $5,000. The opportunity cost of cash is 10% per year.
Potential Audit Procedure Failures. For each of the general audit procedures of (1) recalculation,(b)observation, (c)confirmation (accounts receivable, securities, or other assets), (d)inquiry, (e) inspection of internal documents
What cutoff tests are performed for accounts receivable, how are they performed, and to what account audit objectives does the evidence pertain?
Construct the "Processing Cash Collections" segment of the internal control questionnaire on "Cash Receipts" to be used in the evaluation of internal control over the Spartan Drug Store, Inc. Each question should elicit either a yes or a no respon..
What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
What do you see as the primary cause of the auditing problems that led to the Enron scandal? Who do you believe carries the moral responsibility for those failures? Why?
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
Management at Kudler Fine Foods now wants to see the proposed audit schedules for the systems analyzed by the team in Week Two. Prepare a brief of no more than 1,050 words in which you address the following:
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