ke Test: Exam 2-201820..xC assessment/take/launchjsp/course assessment id 127907
ID: 2515156 • Letter: K
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ke Test: Exam 2-201820..xC assessment/take/launchjsp/course assessment id 127907, 1&course; id 57193 1&content; id 20944CQSearch Show Timer s Question Completion Status QUESTION 28 To verify the value of Apple stock held by the client and classified as trading securities, auditors need to O a Check public website for the stock price at the day when auditors arrive at the client Ob Check the original purchasing documents of the stock as well as the payment record from the bank O C Check public website for the stock price at the day of the audit period end Od Check the original purchasing documents of the stock QUESTION 29 Which of the following statements about auditing cash account is true? O a Banks are responsible for the ending balance of deposits if they respond to auditors' bank confirmation O b Petty cash is usually not examined because the amount is usually low O c Auditors may confirm with the bank whether there are changes in the terms of the bank loan O d Auditors usually obtain bank statements that is printed out by their client Click Save and Submit to save and submit. Cliek Save All Anstwers to save all answersExplanation / Answer
Q28) answer : d. Check the original purchasing documents of the stock
=> The original documents shows the cost price and duration at which the stock is purchased, so that stock value is determined and classification as trading stock is made.
Q29) a. Banks are responsibile for the ending balance of deposits if they respond to auditors' bank confirmation.
=> The auditors take the confirmations made by the bank as the final cash and deposits balances.
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