Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. explain in your own words how you would test/audit

Explain in your own words how you would test/audit the followingaccounts: a. Cash b....

70.2K

Verified Solution

Question

Accounting

Explain in your own words how you would test/audit the followingaccounts: a. Cash b. AR c. Inventory

Answer & Explanation Solved by verified expert
3.9 Ratings (616 Votes)
CASH 1 First of all Internal control over the cash payments and cash receipts should be carefully examined to ensure that they are properly authorized and accounted for 2 Petty cash expenditure should be checked thoroughly as there are high chances kf missappropriation in these 3 Any unusual payment or receipt and exceptional items which are inconsistent with previous year should be carefully examined 4 Seggregation of duties shall be made for example petty cashier and person maintaining cash book shall not be the same person as this will increase the chances of fraud or errors 5 There are possiblity    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In: AccountingExplain in your own words how you would test/audit the followingaccounts: a. Cash b. AR...Explain in your own words how you would test/audit the followingaccounts: a. Cash b. AR c. Inventory

Other questions asked by students

Q

what is forecasting inventory level? give an example?

Operations Management
Q

describe the fundaments of the IR following technique (what do you use it for?)

Chemistry
Q

For this discussion, select one agent of socialization and describe a specific norm that one might...

Psychology
Q

G E Bermuda Population 2010 Male Population A Somalia B Italy C Chad D Nigeria...

Biology
Q

As with many complex questions within society there are environmental economic and cultural deliberations to...

Biology
Q

Here is a sample data set 533 1 619 9 541 2 526 6 434...

Statistics
Q

Kings Dominon's opening day had 1350 people visit the park. Children under 12 paid $40,...

Calculus
Q

Fork 11 6 You randomly select one card from a 52 card deck Find the...

Algebra
Q

help me solve this, please and thank you.

Accounting
Q

pleass answer if you sure other wise skip it What are additional features...

Accounting
Q

Handy Hardware is a retail hardware store. Information about the store's operations follows. November...

Accounting
Q

Lubriderm Corporation has budgeted the following unit sales for the next four months: ...

Accounting