Which of the Following Would Not Normally Be Done by the Auditor

question 7

Multiple Choice

Which of the following would not normally be done by the auditor in connection with the bank cutoff statement?

• A) receive the bank statement directly from the bank
• B) trace all checks dated in the subsequent period to the outstanding check list on the reconciliation
• C) trace deposits in transit on the bank reconciliation to deposits on the bank statement
• D) scan the cutoff statement for unusual items
• E) scan the enclosed data for unusual items

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Definitions:

Maturity Date

The date on which a debt obligation must be repaid in full, including any principal and accrued interest.

Troy Ounce

A Troy ounce is a unit of imperial measure used primarily in the precious metals industry, equating to approximately 31.1035 grams.

July Futures Contract

A standard legal agreement to buy or sell a particular commodity or financial instrument at a predetermined price at a specified time in July.

Silver

A precious metal with the symbol Ag, used in jewelry, currency, and industrial applications for its conductivity and reflective properties.