Question

Cash is difficult to protect because it is easy to transfer and its ownership difficult to prove. These statements are?.

Answer 1

The following are some causes for a bank balance to differ from a company's balance: Deposits in transit, Charges for printing checks and bank services, Accounting mistakes at the business.

What are financial statement audits mostly focused on?

• In a financial statement audit, the auditor is able to determine with a reasonable degree of assurance whether there are no major misstatements in the financial statements.
• Cash can easily stolen or misplaced. As a result, it's critical to put internal controls in place to protect these assets and ensure that only authorized individuals have access to them.
• A fundamental internal control process is to deposit all cash receipts in the bank as soon as possible. Cash receipts are frequently deposited by businesses each day.
• The following are some causes for a bank balance to differ from a company's balance: Deposits in transit, Charges for printing checks and bank services, Accounting mistakes at the business.  

To learn more about Accounting mistakes at the business refer to:

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