Which of the Following Is Not an Example of a Substantive

question 54

Multiple Choice

Which of the following is not an example of a substantive test of cash payments transactions?

• A) test the account classifications of cash payments
• B) account for the numerical sequence of cheques issued during a specified period
• C) test the mathematical accuracy of the cash receipts ledger
• D) determine whether the signatures on paid cheques are authorized

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Definitions:

UCC

Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States.

Endorsement

A signature or statement of support for a policy, idea, or candidate, or in the context of financial instruments, the act of signing over rights to another party.

Digital Cash

Money stored electronically and used in place of physical currency.

Electronic Funds

Money that is moved electronically from one bank account to another.