Bank Reconciliation Statement is prepared to detect the errors that take place in accounting.

Bank Reconciliation Statement is prepared to detect the errors that take place in accounting.
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State whether the following statement are True or False with reason : Bank Reconciliation Statement ... the errors that take place in accounting.
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Bank Reconciliation Statement is prepared at the end of every month.

Description : Bank Reconciliation Statement is prepared at the end of every month.

Last Answer : State whether the following statement are True or False with reason : Bank Reconciliation Statement is prepared at the end of every month.

Bank Reconciliation Statement is prepared by the Bank.

Description : Bank Reconciliation Statement is prepared by the Bank.

Last Answer : State whether the following statement are True or False with reason : Bank Reconciliation Statement is prepared by the Bank.

Normally the Bank Reconciliation Statement is prepared at the end of a _______

Description : Normally the Bank Reconciliation Statement is prepared at the end of a _______

Last Answer : Normally the Bank Reconciliation Statement is prepared at the end of a _______ (a) day (b) week (c) year (d) month

(i) Bank Reconciliation Statement is prepared by Bank.

Description : (i) Bank Reconciliation Statement is prepared by Bank.

Last Answer : Do you agree or disagree with the following statements: (i) Bank Reconciliation Statement is ... balance in Pass Book represents overdraft balance.

What is a bank reconciliation for prepared for?

Description : What is a bank reconciliation for prepared for?

Last Answer : If using an official form, first write the date the document was prepared.Next, write down the balance of the next unused check stub, recording its number as well.From that number, deduct any ... .This number is called your 'adjusted bank balance' and should equal your adjusted check stub balance.

Which of the following best describes the primary purpose of audit procedures? a. To detect errors or fraud b. To comply with generally accounting principles c. To gather sufficient, appropriate evidence d. To verify the accuracy of account balances

Description : Which of the following best describes the primary purpose of audit procedures? a. To detect errors or fraud b. To comply with generally accounting principles c. To gather sufficient, appropriate evidence d. To verify the accuracy of account balances

Last Answer : To gather sufficient, appropriate evidence

Which of the following could be an example of fraud?a. Misappropriation of assets or group of assets. b. Errors in the application of the accounting principles. c. Clerical errors in accounting data underlying the financial statements. d. Misinterpretation of facts that existed when financial statements were prepared.

Description : Which of the following could be an example of fraud? a. Misappropriation of assets or group of assets. b. Errors in the application of the accounting principles. c. Clerical ... underlying the financial statements. d. Misinterpretation of facts that existed when financial statements were prepared.

Last Answer : Misappropriation of assets or group of assets

From the following particulars, prepare Bank Reconciliation statement as on 31-03 2021. 

Description : From the following particulars, prepare Bank Reconciliation statement as on 31-03 2021. 

Last Answer : 32) From the following particulars, prepare Bank Reconciliation statement as on 31-03 2021. a) Bank ... ₹ 2,000. recorded in the pass book only.

What is a Bank Reconciliation Statement?

Description : What is a Bank Reconciliation Statement?

Last Answer : What is a Bank Reconciliation Statement?

Now that every bank in America has electronic banking services, and you can check your balance with the click of a mouse, does anyone still actually do the whole "check reconciliation" thing?

Description : Now that every bank in America has electronic banking services, and you can check your balance with the click of a mouse, does anyone still actually do the whole "check reconciliation" thing?

Last Answer : answer:I have to write several checks a month to the snowplow guy, to most of my home contractors (roofers, guys who installed my new skylights, arborists), the man who mows the lawn of a pocket park ... the occasional month that I get it down to the penny, I can hear my dead father praising me.

BIFR stands for 1. Bank for industrial and Financial Reconstruction 2. Board of Industrial and Financial Reconstruction3. Board of Industries Financial Reconciliation 4. Bank of Industries Financial Reconstruction 5. BIFR

Description : BIFR stands for 1. Bank for industrial and Financial Reconstruction 2. Board of Industrial and Financial Reconstruction 3. Board of Industries Financial Reconciliation 4. Bank of Industries Financial Reconstruction 5. BIFR

Last Answer : Board of Industrial and Financial Reconstruction

Which method is used to detect double errors and pinpoint erroneous bits. a. Even parity method b. Odd parity method c. Check sum method. d. All of these

Description : Which method is used to detect double errors and pinpoint erroneous bits. a. Even parity method b. Odd parity method c. Check sum method. d. All of these

Last Answer : c. Check sum method.

The auditor's defense of contributory negligence is most likely to prevail when a. Third party injury has been minimal. b. The client is privately held as contrasted with a public company. c. Undetected errors have resulted in materially misleading financial statements. d. The auditor fails to detect fraud resulting from management override of the control structure

Description : The auditor's defense of contributory negligence is most likely to prevail when a. Third party injury has been minimal. b. The client is privately held as contrasted with a public company ... statements. d. The auditor fails to detect fraud resulting from management override of the control structure

Last Answer : The auditor fails to detect fraud resulting from management override of the control structure

The auditor's defense of contributory negligence is most likely to prevail when a. Third party injury has been minimal. b. The client is privately held as contrasted with a public company. c. Undetected errors have resulted in materially misleading financial statements. d. The auditor fails to detect fraud resulting from management override of the control structure.

Description : The auditor's defense of contributory negligence is most likely to prevail when a. Third party injury has been minimal. b. The client is privately held as contrasted with a public company. ... . d. The auditor fails to detect fraud resulting from management override of the control structure.

Last Answer : The auditor fails to detect fraud resulting from management override of the control structure.

When planning the audit, if the auditor has no reason to believe that illegal acts exist, the auditor should a. Include audit procedures which have a strong probability of detecting illegal acts. b. Make inquiries of management regarding their policies and regarding their knowledge of violations, and then rely on normal audit procedures to detect errors, irregularities, and illegalities. c. Still include some audit procedures designed specifically to uncover illegalities. d. Ignore the topic

Description : When planning the audit, if the auditor has no reason to believe that illegal acts exist, the auditor should a. Include audit procedures which have a strong probability of detecting illegal ... c. Still include some audit procedures designed specifically to uncover illegalities. d. Ignore the topic

Last Answer : Make inquiries of management regarding their policies and regarding their knowledge of violations, and then rely on normal audit procedures to detect errors, irregularities, and illegalities

Of the following statements, which best distinguishes ordinary negligence from gross negligence? a. The more material the undetected error the greater the likelihood of ordinary negligence. b. Gross negligence is most probable when the auditor fails to detect errors that occurred under conditions of strong internal control. c. Failure to detect material errors, whether internal control is strong or weak, suggests gross negligence. d. Failure to exercise reasonable care denotes ordinary negligence, whereas failure to exercise minimal care indicates gross negligence

Description : Of the following statements, which best distinguishes ordinary negligence from gross negligence? a. The more material the undetected error the greater the likelihood of ordinary negligence. ... care denotes ordinary negligence, whereas failure to exercise minimal care indicates gross negligence

Last Answer : Failure to exercise reasonable care denotes ordinary negligence, whereas failure to exercise minimal care indicates gross negligence

When planning the audit, if the auditor has no reason to believe that illegal acts exist, the auditor should a. Make inquiries of management regarding their policies and their knowledge of violations, and then rely on normal audit procedures to detect errors, irregularities, and illegalities. b. Still include some audit procedures designed specifically to uncover illegalities. c. Ignore the topic. d. Include audit procedures which have a strong probability of detecting illegal acts

Description : When planning the audit, if the auditor has no reason to believe that illegal acts exist, the auditor should a. Make inquiries of management regarding their policies and their knowledge of ... Ignore the topic. d. Include audit procedures which have a strong probability of detecting illegal acts

Last Answer : Make inquiries of management regarding their policies and their knowledge of violations, and then rely on normal audit procedures to detect errors, irregularities, and illegalities

Which of the following conditions suggests auditor negligence? a. Failure to detect collusive fraud perpetrated by members of middle management. b. Failure to detect collusive fraud perpetrated by members of top management. c. Failure to detect errors occurring outside the internal control structure. d. Failure to detect material errors under conditions of weak internal control

Description : Which of the following conditions suggests auditor negligence? a. Failure to detect collusive fraud perpetrated by members of middle management. b. Failure to detect collusive fraud perpetrated by ... control structure. d. Failure to detect material errors under conditions of weak internal control

Last Answer : Failure to detect material errors under conditions of weak internal control

After studying and evaluating a client's existing internal control, an auditor has concluded that the policies and procedures are well-designed and functioning as intended. Under these circumstances, the auditor would most likely a. Perform further control tests to the extent outlined in the audit program. b. Determine the control policies and procedures that should prevent or detect errors and fraud. c. Set detection risk at a higher level than would be set under conditions of weak internal control. d. Set detection risk at a lower level than would be set under conditions of weak internal control.

Description : After studying and evaluating a client's existing internal control, an auditor has concluded that the policies and procedures are well-designed and functioning as intended. Under these circumstances, the ... risk at a lower level than would be set under conditions of weak internal control.

Last Answer : Set detection risk at a higher level than would be set under conditions of weak internal control.

_______ can detect burst error of length less than or equal to degree of the polynomial and detects burst errors that affect odd number of bits. a. Hamming Code b. CRC c. VRC d. None of the above

Description : _______ can detect burst error of length less than or equal to degree of the polynomial and detects burst errors that affect odd number of bits. a. Hamming Code b. CRC c. VRC d. None of the above

Last Answer : b. CRC

A simple parity-check code can detect __________ errors A. an even-number of B. two C. no errors D. an odd-number of

Description : A simple parity-check code can detect __________ errors A. an even-number of B. two C. no errors D. an odd-number of

Last Answer : D. an odd-number of

The statement prepared to disclose accounting information are known as----- a) Comparative statements b) Common size statements c) Financial statements d) None of the above

Description : The statement prepared to disclose accounting information are known as----- a) Comparative statements b) Common size statements c) Financial statements d) None of the above

Last Answer : c) Financial statements

Which of the following least likely limits the auditor’s ability to detect material misstatement? a. The inherent limitations of any accounting and internal control system. b. Most audit evidences are conclusive rather than being persuasive. c. Audit is based on testing d. Audit procedures that are effective in detecting ordinary misstatements are ineffective in detecting intentional misstatements

Description : Which of the following least likely limits the auditor's ability to detect material misstatement? a. The inherent limitations of any accounting and internal control system. b ... procedures that are effective in detecting ordinary misstatements are ineffective in detecting intentional misstatements

Last Answer : Most audit evidences are conclusive rather than being persuasive

The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.

Description : The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.

Last Answer : Determine whether the client's financial statements are fairly stated.

The management responsibility to detect and prevent fraud and error is accomplished by a. Having an annual audit of financial statements. b. Implementing adequate quality control system. c. Implementing adequate accounting and internal control system. d. Issuing a representation letter to the auditor.

Description : The management responsibility to detect and prevent fraud and error is accomplished by a. Having an annual audit of financial statements. b. Implementing adequate quality control system. c. ... adequate accounting and internal control system. d. Issuing a representation letter to the auditor.

Last Answer : Implementing adequate accounting and internal control system

What are accounting errors?

Description : What are accounting errors?

Last Answer : What are accounting errors?

An auditor is required to obtain a basic understanding of the client's internal control to plan the audit. The auditor may then decide to perform tests of controls on alinternal control procedures a. That would aid in preventing fraud. b. Documented in the flowchart. c. Considered to be weaknesses that might allow errors to enter the accounting system. d. Considered to be strengths for which the auditor desires further reduction in the assessed level of control risk.l

Description : An auditor is required to obtain a basic understanding of the client's internal control to plan the audit. The auditor may then decide to perform tests of controls on all internal control ... to be strengths for which the auditor desires further reduction in the assessed level of control risk.

Last Answer : Considered to be strengths for which the auditor desires further reduction in the assessed level of control risk.

The primary factor that distinguishes errors from fraud is a. Whether the misstatement is perpetrated by an employee or by a member of management b. Whether the underlying cause of misstatement is intentional or unintentional. c. Whether the misstatement is concealed. d. Whether the underlying cause of misstatement relates to misapplication of accounting principles or to clerical processing

Description : The primary factor that distinguishes errors from fraud is a. Whether the misstatement is perpetrated by an employee or by a member of management b. Whether the underlying cause of ... the underlying cause of misstatement relates to misapplication of accounting principles or to clerical processing

Last Answer : Whether the underlying cause of misstatement is intentional or unintentional.

If errors occur in the recording process, they a. should be corrected as adjustments at the end of the period. b. should be corrected as soon as they are discovered. c. should be corrected when preparing closing entries. d. cannot be corrected until the next accounting period.

Description : If errors occur in the recording process, they a. should be corrected as adjustments at the end of the period. b. should be corrected as soon as they are discovered. c. should be corrected when preparing closing entries. d. cannot be corrected until the next accounting period.

Last Answer : b. should be corrected as soon as they are discovered.

My friend wants to facilitate a reconciliation between myself and another friend. What should I do?

Description : My friend wants to facilitate a reconciliation between myself and another friend. What should I do?

Last Answer : Did the ex friend herself call you? If she doesn't want to do it, and you feel it's not going to work either, there's no use in trying to fix it. If she herself shows up and tries to ... third party trying to solve the issue is, pardon me, unnecessary. It is entirely between you and the ex friend.

Mel Gibson vs Jews, is there no room for reconciliation?

Description : Mel Gibson vs Jews, is there no room for reconciliation?

Last Answer : Jews have bigger problems than one worthless bigot lol.

What do you think about reconciliation?

Description : What do you think about reconciliation?

Last Answer : Bush used reconciliation to push his tax cut that helped the rich. Total cost of the tax cut was about 2 trillion. Obama wants to spend half that for health-care. Oh, and where were the ... trillions on unnecessary wars? Oh, we were killing brown people so a thousand dollar bullet was worth it.

Quickbooks. How do I get rid of old items on the reconciliation screen?

Description : Quickbooks. How do I get rid of old items on the reconciliation screen?

Last Answer : Create a category for reconciliation problems, put all those transactions into the problems category so that the resolved balance is zero and date all the transactions to an earlier time than the beginning of your fiscal year.

. The PERT in project management means program evaluation and _____ technique. (A) resource (B) reconciliation(C) reconsideration (D) review

Description : . The PERT in project management means program evaluation and _____ technique. (A) resource (B) reconciliation (C) reconsideration (D) review

Last Answer : (D) review

Under the Economic Growth and Tax Reconciliation Act of 2001, when will estate taxes be eliminated? A. 2008 B. 2009 C. 2010 D. The estate tax will not be eliminated

Description : Under the Economic Growth and Tax Reconciliation Act of 2001, when will estate taxes be eliminated? A. 2008 B. 2009 C. 2010 D. The estate tax will not be eliminated

Last Answer : D. The estate tax will not be eliminated

What is the object of Postmaster ‘s Balance Sheet ? a. Reconciliation of Daily Cash Book b. Reconciliation of HO Summary c. Reconciliation between HO Cash Book and TCB

Description : What is the object of Postmaster ‘s Balance Sheet ? a. Reconciliation of Daily Cash Book b. Reconciliation of HO Summary c. Reconciliation between HO Cash Book and TCB

Last Answer : c. Reconciliation between HO Cash Book and TCB

Who is the current US special Envoy for Afghan Peace and Reconciliation? (a) Paul W. Jones (b) John R. Bass (c) Zalmay Khalilzad (d) None of These

Description : Who is the current US special Envoy for Afghan Peace and Reconciliation? (a) Paul W. Jones (b) John R. Bass (c) Zalmay Khalilzad (d) None of These

Last Answer : Zalmay Khalilzad

“Common Sense” suggested: (a) Reconciliation with England (b) Commonwealth Status with England (c) Protest against Parliament (d) Rebellion against the King

Description : “Common Sense” suggested: (a) Reconciliation with England (b) Commonwealth Status with England (c) Protest against Parliament (d) Rebellion against the King

Last Answer : (d) Rebellion against the King

Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis of accounting only (B) Financial statements should be prepared according to the accrual basis of accounting only (C) Financial statements should be prepared according to either the cash basis or accrual basis of accounting (D) Financial statements should be prepared according to both the accrual and cash basis of accounting

Description : Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis ... Financial statements should be prepared according to both the accrual and cash basis of accounting

Last Answer : Answer: Financial statements should be prepared according to the accrual basis of accounting only

Inquiries directed towards those charged with governance may most likely a. Relate to their activities concerning the design, and effectiveness of the entity's internal control and whether management has satisfactorily responded to any findings from these activities. b. Help the auditor understand the environment in which the financial statements are prepared. c. Relate to changes in the entity's marketing strategies, sales trends, or contractual arrangements with its customers. d. Help the auditor in evaluating the appropriateness of the selection and application of certain accounting policies

Description : Inquiries directed towards those charged with governance may most likely a. Relate to their activities concerning the design, and effectiveness of the entity's internal control and ... the auditor in evaluating the appropriateness of the selection and application of certain accounting policies

Last Answer : Help the auditor understand the environment in which the financial statements are prepared.

An investor, while reading the financial statements of Star Corporation, learned that the statements are accompanied by an unqualified auditor's report. From this the investor may conclude that: a. The auditor has ascertained that Silver's financial statements have been prepared accurately. b. The auditor is satisfied that Silver is operationally efficient. c. Any disputes over significant accounting issues have been settled to the auditor's satisfaction. d. Informative disclosures in the financial statements but not necessarily in the notes to financial statements are to be regarded as reasonably adequate

Description : An investor, while reading the financial statements of Star Corporation, learned that the statements are accompanied by an unqualified auditor's report. From this the investor may conclude that: a ... but not necessarily in the notes to financial statements are to be regarded as reasonably adequate

Last Answer : Any disputes over significant accounting issues have been settled to the auditor's satisfaction.

Audit programs are modified to suit the circumstances on particular engagements. A complete audit program for an engagement generally should be developed a. Prior to beginning the actual audit work. b. After the auditor has completed an evaluation of the existing internal accounting control. c. After reviewing the client's accounting records and procedures. d. When the audit engagement letter is prepared

Description : Audit programs are modified to suit the circumstances on particular engagements. A complete audit program for an engagement generally should be developed a. Prior to beginning the actual audit work. ... the client's accounting records and procedures. d. When the audit engagement letter is prepared

Last Answer : After the auditor has completed an evaluation of the existing internal accounting contro

Which of the following is not included in the engagement letter? a. Objectives of the engagement b. Management's responsibilities c. A clear explanation of the services to be performed on the engagement d. Representations that the financial statements were prepared in accordance with generally accepted accounting principles

Description : Which of the following is not included in the engagement letter? a. Objectives of the engagement b. Management's responsibilities c. A clear explanation of the services to ... d. Representations that the financial statements were prepared in accordance with generally accepted accounting principles

Last Answer : Representations that the financial statements were prepared in accordance with generally accepted accounting principles

Which of the following is an example of an assurance engagement?a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

Description : Which of the following is an example of an assurance engagement? a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

Last Answer : Reporting on financial statements prepared using other comprehensive basis of accounting.

Which one of the following is usually prepared only at the end of a company's annual accounting period? a. Preparing financial statements b. Journalizing and posting adjusting entries c. Journalizing and posting closing entries d. Preparing an adjusted trial balance

Description : Which one of the following is usually prepared only at the end of a company's annual accounting period? a. Preparing financial statements b. Journalizing and posting adjusting entries c. Journalizing and posting closing entries d. Preparing an adjusted trial balance

Last Answer : c. Journalizing and posting closing entries

Closing entries are journalized and posted a. before the financial statements are prepared. b. after the financial statements are prepared. c. at management's discretion. d. at the end of each interim accounting period.

Description : Closing entries are journalized and posted a. before the financial statements are prepared. b. after the financial statements are prepared. c. at management's discretion. d. at the end of each interim accounting period.

Last Answer : b. after the financial statements are prepared.

Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts. c. in order to transfer net income (or loss) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.