An Interbank Transfer Schedule

question 50

Multiple Choice

An interbank transfer schedule

• A) Is another name for the proof of cash.
• B) Helps the auditor test for kiting.
• C) Is on a standard bank confirmation.
• D) Is used to examine entity bank reconciliations.

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Definitions:

Title To Merchandise

The legal right or ownership of goods and products, which is transferred from the seller to the buyer when the conditions of a sale are met.

Report Form

A form of balance sheet with the “Liabilities” and “Stockholders’ equity” sections presented below the “Assets” section.

Balance Sheet

A financial statement that displays a company’s assets, liabilities, and shareholders' equity at a specific point in time.

Multiple-Step Income Statement

An income statement that separates operating revenues and expenses from non-operating items to calculate net income in several steps.