Initial Substantive Procedures for Cash Balance Assertions May Include All

question 39

Multiple Choice

Initial substantive procedures for cash balance assertions may include all of the following except:

• A) trace opening balances for cash on hand and in bank to the previous year's working papers.
• B) review activity in general ledger accounts for cash and investigate entries that appear unusual in amount or source.
• C) obtain entity-prepared summaries of cash on hand and in bank, verify mathematical accuracy and determine agreement with general ledger.
• D) all of the above are initial substantive procedures for cash balance assertions.

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Definitions:

Humphrey Gilbert

An English adventurer and explorer in the Elizabethan era, known for attempting to establish English colonies in North America.

Walter Raleigh

An English landed gentleman, writer, poet, soldier, politician, courtier, spy, and explorer known for popularizing tobacco in England and his expeditions to the Americas.

Aristocrats

Members of a social class regarded as the highest in society, often holding titles or hereditary honors.

Feudalism

A socio-economic system that dominated medieval Europe, characterizing the hierarchical relationship between lords and vassals based on land ownership and labor.