ACCT 470
Franklin College
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Chapter 23 Homework- ACCT 470
- Exam (elaborations) • 6 pages • 2022
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Chapter 23 Homework
The following questions deal with auditing year-end cash and financial instruments. Choose the
best response.
A CPA obtains a January 10 cutoff bank statement for a client directly from the bank. Very few of the
outstanding checks listed on the client's December 31 bank reconciliation cleared during the cutoff period.
A probable cause for this is that the client
transmitted the checks to the payees after year-end.
In establishing the existence and ownership of an inve...
Exam (elaborations)
Chapter 23 Homework- ACCT 470
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Chapter 23 Homework The following questions deal with auditing year-end cash and financial instruments. Choose the best response. A CPA obtains a January 10 cutoff bank statement for a client directly from the bank. Very few of the outstanding checks listed on the client's December 31 bank reconciliation cleared during the cutoff period. A probable cause for this is that the client transmitted the checks to the payees after year-end. In establishing the existence and ownership of an inve...
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