“There was a little sadness because I felt the reconciliation program had slowed since 1967” – Establishes purpose * “lightening the burden of that terrible baggage that has to do with our differences”- Metaphor emphasizes the need for tolerance and acceptance of differences * “All rights must now be recognized and its our job to make sure they are” – sense of urgency‚ inclusive language * “Its time to move the process of reconciliation forward with a little more speed. That is the
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for each transfer must be in the same fiscal year. IV. Disbursement on the interbank transfer schedule should be correctly included in or excluded from year-end bank reconciliations as outstanding checks. V. Receipts on the interbank transfer schedule should be correctly included in or excluded from year-end bank reconciliations as deposits in transit. 3. Explain kiting‚ and discuss how it is performed. (5 marks) Kiting is the transferring of money from one bank to another and improperly recording
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MULTIPLE CHOICE 1. Cash consists of all of the following except a. deposits in savings accounts. b. money orders from customers. c. compensating balances. d. IOUs from customers. ANS: D PTS: 1 OBJ: LO1 NAT: AACSB correlation: analytic LOC: Learning Type: Recall KEY: cash and cash equivalents 2. A company’s acceptance of credit cards like Visa is an example of a. securitization. b. factoring with recourse. c. discounting. d. factoring without recourse. ANS: D PTS: 1 OBJ: LO1 NAT: AACSB correlation:
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level of assurance that the aforementioned audit objectives are achieved: a) obtain subsequent month bank statement‚ bank reconciliation and supporting documentation. Consider obtaining information directly from the bank; b) test the mathematical accuracy of the bank reconciliation; (accuracy) c) trace outstanding items listed on the bank reconciliation to the subsequent month ’s bank statement and for those not traced‚ trace to the cash disbursements
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Auditing Final Review Questions Chloe Granahan 1. Assume that the audit team notes the client has made a significant change in its product line which requires that new equipment be purchased. Which of the following would be of greatest concern to the auditor? A. Inappropriate book value of new equipment. B. Impaired value of new equipment. C. Impaired value of old equipment. D. Inappropriate depreciation calculation for new equipment. 2. A. B. C. D. Audit procedures should be proportional to which of the following
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QuickBooks Pro keeps a Journal of every transaction recorded. T 7. QuickBooks Pro keeps the last two bank reconciliation reports in memory. F 8. Once an account has been used in a transaction‚ no changes may be made to the account name. T 9. Anything entered as a service charge or as interest earned during a bank reconciliation will be entered automatically when the reconciliation is complete. F 10. A Balance Sheet is prepared to prove the equality of debits and credits. MULTIPLE
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High 30-day readmission rates have become problematic for many facilities. The Centers for Medicare & Medicaid Services (CMS) have put emphasis on readmission rate reductions for hospitals (“Readmissions Reduction Program”‚ n.d.). The stress of high readmission rates weighs heavy on facilities as a result of the Affordable Care Act (ACA) which requires CMS to reduce payments to hospitals with excess admissions (“Readmissions Reduction Program”‚ n.d.). Incorporating Project Re-Engineered Discharge
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narrates‚ "without you have read a book by the name of "The Adventures of Tom Sawyer‚" but that ain’t no matter." He tells readers that‚ for the most part‚ Twain told the truth in Tom Sawyer but that everyone tells some lies‚ even people like Aunt Polly and the Widow Douglas. Huck gives a brief summary of how he and Tom got six thousand dollars each at the end of Tom Sawyer. Judge Thatcher has taken Huck’s money and invested it with a dollar of interest coming in each day‚ and Huck now lives with
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Discussion Questions (1) There could be various reasons to why the physical count of Lakeside’s inventory produces a balance that is almost $14000 below the figure indicated by the company’s own perpetual records: Inventory may have been counted incorrectly Company’s inventory may be out on consignment It may be an indication of theft Perpetual records may be in error i. Human error ii. FIFO not properly applied Inventory that are damaged or obsolete may be disposed without recording a reduction
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hires‚ and carrying out bank reconciliation are greatest practices and I support you to stick with these procedures. Weak practices and recommendations There are a number of practices‚ on the other hand‚ that make you defenseless to errors‚ mutually planned and unplanned. Segregation of duties Employees that manage cash ought to not be involved in the bank reconciliation or invoices. Employees in charge for purchasing should not have any payment or reconciliation duties. By segregating duties
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