Auditors Ordinarily Send a Standard Bank Confirmation to All Banks

question 23

Multiple Choice

Auditors ordinarily send a standard bank confirmation to all banks with which the client has done business during the year under audit,regardless of whether the client has closed its account.One reason for doing so is to ________.

• A)provide the data necessary to prepare a summary of cash
• B)request that a cutoff bank statement and cancelled cheques be sent to the auditor
• C)detect lapping activities that might otherwise not be discovered
• D)obtain information about unrecorded liabilities and security agreements

Familiarize with dissociation theories of hypnosis and the concept of a 'hidden observer' within hypnotized individuals.

Understand various supply chain metrics to evaluate performance.

Identify the impacts of natural disasters on supply chains globally.

Analyze the disaster risk decision tree model, including formula derivation and calculations.

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Definitions:

Retained Earnings

The stockholders’ equity created from business operations through revenue and expense transactions; an account representing the net income retained in a corporation.

Noncash Accounts

Accounts in financial accounting that represent transactions not involving physical cash, such as depreciation or credits.

Noncurrent Assets

Assets that are not expected to be converted into cash, sold, or consumed within one year or the normal operating cycle of the business, typically including property, plant, and equipment.

Treasury Stock

Stocks that the issuing company initially released and then bought back, decreasing the total shares available for trading.