The Reason for Testing the Client's Bank Reconciliation Is to Verify

question 49

Multiple Choice

The reason for testing the client's bank reconciliation is to verify whether the client's recorded bank balance is the same amount as the actual cash in the bank,except for deposits in transit,cheques outstanding,and other reconciling items.The information needed to complete the tests of the reconciliation are provided by the

• A)client's journals and ledgers for the year under audit.
• B)cutoff bank statement.
• C)client's journals and ledgers for the subsequent year.
• D)cancelled cheques for the year under audit.

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Definitions:

Job Purpose

The primary goal or objective of a job position, outlining the essential duties and the contribution to the organization.

Job Enlargement

An increase in the range of tasks and duties associated with a job

Merit Pay

Merit pay is a compensation approach where employee performance directly influences the amount of pay increase or bonus they receive, aiming to reward excellence and motivate higher performance.

Individual-Level

Pertaining to or focusing on a single person as opposed to a group or collective.