A)Explain What Is Meant by a Cutoff Bank Statement and Discuss

question 25

Essay

A)Explain what is meant by a cutoff bank statement and discuss the purpose of the cutoff bank statement in the audit of cash.B)Explain the purpose of testing the client's bank reconciliation and discuss the major audit procedures involved.

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Definitions:

Universal Generalization (UG)

A principle in logic where a statement applies to all members of a category or class.

Existential Generalization (EG)

A logical inference rule that allows for the conclusion that at least one member of a domain possesses a certain property, based on evidence of a specific instance.

Denying the Antecedent (DN)

A logical fallacy where one assumes that if the antecedent in a conditional statement is not true, the consequent must also not be true.

Disjunctive Syllogism (DS)

A form of logical argument where, if one has a disjunction (A or B) and knows that A is not true, one can conclude B must be true.