The Starting Point for the Verification of the Balance in the General

question 125

Multiple Choice

The starting point for the verification of the balance in the general bank account is to obtain

• A) a bank reconciliation from the client.
• B) the client's cash account from the general ledger.
• C) a cutoff bank statement directly from the bank.
• D) the client's year-end bank statement.

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Definitions:

Belief Perseverance

Clinging to one's initial conceptions after the basis on which they were formed has been discredited.

Availability Heuristic

Estimating the likelihood of events based on their availability in memory; if instances come readily to mind (perhaps because of their vividness), we presume such events are common.

Mental Set

A tendency to approach a problem in one particular way, often a way that has been successful in the past.

Classifying Objects

The cognitive process of organizing items into categories based on shared characteristics.