How will a company’s bank reconciliation reflect an electronic deposit of cash received by the bank from credit card agencies making payments on behalf of customers purchasing products from the company’s online website, but not recorded in the company’s records?
Explain 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. 23-2 (OBJECTIVE 23-1) What is meant by an imprest bank account for a branch operation? Explain the purpose of using this type of bank account. 23-3 (OBJECTIVE […]