Question

In: Accounting

Which of the following sets of information does an auditor usually confirm on one form? Cash...

Which of the following sets of information does an auditor usually confirm on one form?

Cash in bank and collateral for loans.

Inventory on consignment and contingent liabilities.

Accounts receivable and accrued interest receivable.

Accounts payable and purchase commitments.

Solutions

Expert Solution

Answer is "Cash in bank and collateral for loans"

cash in bank & collateral for loans set of information does an auditor usually confirm


Related Solutions

24. Which one of the following statements is not true? a. The auditor could communicate information...
24. Which one of the following statements is not true? a. The auditor could communicate information about the client’s expected cash flows to an agent representing bondholders without first obtaining client permission so long as the agent is duly appointed by a majority of the bondholders. b. Information that a CPA obtains from a client is generally not privileged. c. When a CPA firm conducts an AICPA-authorized peer review of the quality controls of another CPA firm, permission of the...
the Audit Planning Process Internal control: 1. How does an Auditor use the Information form the...
the Audit Planning Process Internal control: 1. How does an Auditor use the Information form the Risk Assessment Procedures?
Which of the following sets of polynomials form a basis for P2 (the space of polynomials...
Which of the following sets of polynomials form a basis for P2 (the space of polynomials of degree at most 2)? Explain. (a) {2 + 2x − x 2 , 1 + x, 3x} (b) {1 − x + 2x 2 , 2 + 4x} 1 (c) {3 + x + x 2 , −1 + x, 5 − x + x 2}
Which of the following is not one of the five situations in which an auditor may...
Which of the following is not one of the five situations in which an auditor may choose to issue an unqualified audit report with explanatory language? Select one: a. inconsistent application of GAAP b. reference to other auditors c. a justified departure from GAAP d. lack of independence by the auditor
Based on the following information from Finco’s Financial statements, confirm that the Cash Flow Identity holds....
Based on the following information from Finco’s Financial statements, confirm that the Cash Flow Identity holds. Balance Sheet Current Accounts ◦        2018: CA = 1500; CL = 1300 ◦        2019: CA = 2000; CL = 1700 Fixed Assets ◦        2018: NFA = 3000; 2019: NFA = 4000 LT Liabilities and Equity ◦        2018: LTD = 2200; Common Equity = 500; RE = 500 ◦        2019: LTD = 2800; Common Equity = 750; RE = 750 Income Statement ◦        EBIT =...
Determine which of the following sets of vectors form a basis for R 3 . S...
Determine which of the following sets of vectors form a basis for R 3 . S = {(1, 0, −1),(2, 5, 1),(0, −4, 3)}, T = {(−1, 3, 2),(3, −1, −3),(1, 5, 1)}.
Which one of the following transactions does NOT involve a cash flow? A prepayment of insurance...
Which one of the following transactions does NOT involve a cash flow? A prepayment of insurance B issue of shares C issue of bonus shares D revenue received in advance
Which of the following financial ratios would be most useful to an auditor seeking information on...
Which of the following financial ratios would be most useful to an auditor seeking information on a company’s ability to cover current obligations? a. Earnings per share b. Quick ratio c. Gross profit margin d. Sales to assets
Which of the following sets of quantum numbers are not allowed? For the sets that are...
Which of the following sets of quantum numbers are not allowed? For the sets that are incorrect state what is wrong. For the sets that are correct, give the orbital designation (eg 1s, 2px). n l ml ms a) 2 1 +1 +1/2 b) 2 2 -1 -1/2 c)75-4 0 d) 4 2 -2 +1/2
Which one of the following is a source of cash?
Which one of the following is a source of cash?A.The payment of a cash dividend.B.An increase in accounts payable.C.An increase in fixed assets.D.An increase in accounts receivable.E.A decrease in long-term debt.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT