The Audit and Accounting Concern Addressed in a Monthly Proof

question 14

Multiple Choice

The audit and accounting concern addressed in a monthly proof of cash is with:

• A) adjusting account balances.
• B) reconciling the amounts per books and bank.
• C) determining the month-end balance.
• D) identifying cash transfers.

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Definitions:

Quarterly Payment

Payments made every three months in a year, often used for loans, subscriptions, or service contracts.

Preferred Share

A class of ownership in a corporation that has a higher claim on its assets and earnings than common shares, typically with fixed dividends.

Compounded

The process where the value of an investment increases due to the interest earned on both the principal and the accumulated interest.

Semi-annually

refers to occurrences that happen twice a year.