Cutoff Bank Statement

Question: Explain the relationships among the initial assessed level of control risk, tests of controls for cash disburse-ments, and tests of details of cash balances. Give one example in which the conclusions reached about internal controls in cash disbursements would affect the tests of cash balances

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Question: Why is the monthly reconciliation of bank accounts by an independent person an important internal control over cash balances? Which individuals would generally not be considered independent for this responsibility?

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Question: Link to Notes

Answer: http://www4.semo.edu/gjohnson/AC437/chapter%20notes/chapter23_notes.htm

Question: Explaiun the relationships among the initial assessed control risk, tests of controls and substantive tests of transactions for cash receipts, and the tests of details of cash balances

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Question: What is meant by an imprest bank account for a branch operation? Explain the purpose of using this type of bank account..

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