Question 16 of 35 Which of the following might you do for a client who has never reconciled the checking account? A ◻ Reconcile each month in reverse order with the newest bank statement first B ◻ Make the bank account inactive and add a new account with the correct balance C ◻ Compare the audit trail to amounts in the Reconcile window to check for possible errors D ◻ Reconcile as of the last day of the last fiscal year, treating the entire history of the bank account to that point as one big statement Question 17 of 35 Which report provides line-by-line detail of a client's deposits? A ◻ Check Detail B ◻ Deposit Detail C ◻ Missing Checks D ◻ Deposit Summary Question 18 of 35 What report would you run if the beginning balance in QuickBooks didn't match the beginning balance on a statement for an account you wished to reconcile? A ◻ Check Detail B ◻ Deposit Detail C ◻ Missing Checks D ◻ Reconciliation Discrepancy Question 19 of 35 Where do you turn on the preference for Progress Invoicing? A Edit > Preferences > Jobs & Estimates B Edit > Preferences > Sales & Customers C Edit > Preferences > Purchases & Vendors D ◻ Progress Invoicing is always on and there is no preference Question 20 of 35 Where can you find all the job costing reports in one place? A Reports > Jobs costing B Reports > Customers & Jobs C Reports > Company & Financial D ◻ Reports > Jobs, Time & Mileage
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**Question 16 of 35: Which of the following might you do for a client who has never reconciled the checking account?** Show more…
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Akash M.
Revise your worksheet to reflect the following transactions and updated values at the end of the accounting period, then answer the questions that follow: 1. Cash on hand at the company and not yet deposited at the bank. 2. EFT for monthly utility bill not yet recorded by the company. 3. Note collected by the bank and not yet recorded by the company. 4. Interest collected by the bank from note in #3 not yet recorded by the company. 5. A check written for insurance expense for $110 was cashed. The check was recorded on the books for $190. 6. Checks written by the company but not yet processed by the bank. 7. Service fee charged by bank but not yet recorded by the company. 8. Customer checks determined by the bank to have insufficient funds. Bank balance at the end of the period: $19,610 Company balance at the end of the period: $16,830 Required: 1-a. What is the revised Cash balance at the end of the period? Cash: $23,710 1-b. Is the bank reconciliation in balance? Yes No 2-a. What is the balance in Cash if the entry to correct the insurance payment hasn't been made? Cash: $23,710 2-b. Would the bank reconciliation still be in balance? Yes No 3. Which statement below is true regarding the effect of the company incorrectly recording a customer deposit at $190,000 rather than $19,000? No effect on the bank reconciliation. The difference of $171,000 will be subtracted from the book balance. The difference of $171,000 will be added to the book balance. The bank balance will be increased by $190,000.
Manasvee S.
Bank Reconciliation In-Class Team Case. You received the client prepared bank reconciliation presented below and are auditing Simply Soups Inc’s cash; control risk over cash is assessed at the maximum level. For each item select the one or more procedures she could perform to gather evidence in support of it. Note that since many of the procedures are redundant with one another, they would not all necessarily be included in one particular audit program. For purposes of this problem you may assume the following: Information provided by the bank is correct. The client has only this one bank account. The bank issues credit memos (which increase cash) and debit memos (which decrease cash) for transactions other than ordinary deposits and disbursements. Of the reconciling items, only Check # 517 was not returned with the cutoff statement (the others items cleared in a reasonable period of time). Bank Reconciliation American NorthWest Bank (relates to Simply Soups, Inc.) Milwaukee December 31, 20X2 1 (select 3 procedures) Balance per bank $121,987.17 2 (select 4 procedures Deposits in transit 12/30 12/31 $121,200.00 31,600.23 152,800.23 3 (select 4 procedures) Outstanding checks 517 2455 2456 2457 2458 2459 2460 $78,212.30 7,911.15 200.00 23.54 42,345.35 2,375.23 600.00 (131,667.57) 4 (select 4 procedures) Error: Check 2444 for $2,300 was erroneously charged by bank for $3,200 on 12/23/X2; $900 credit received on 1/4/X3 900.00 5 (select 1 procedure) Balance per books $144.019.83 Procedures Trace to cash receipts journal. Trace to cash disbursements journal. Compare to 12/31/X2 general ledger. Confirm directly with bank on standard form Determine item and amount are on 12/31/X2 bank statement. Compare to 1/10/X3 cutoff statement. Use cutoff statement to determine that no relevant items have been omitted from bank reconciliation. Inspect bank issued credit memo. Inspect bank issued debit memo. Inspect bank issued deposit receipt.
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