Mathematics > STUDY GUIDE > John Jay College of Criminal Justice, CUNY - MATH 108Exam (2401) (All)
Question: (Objectives 23-3, 23-4) In the audit of the Regional Transport Company, a large branch that maintains its own bank account, cash is periodically transferred to the central account in Ceda... r Rapids. On the branch account’s records, bank transfers are recorded as a debit to the home office clearing account and a credit to the branch bank account. Similarly, the home office account is recorded as a debit to the central bank account and a credit to the branch office clearing account. Gordon Light is the head bookkeeper for both the home office and the branch bank accounts. Because he also reconciles the bank account, the senior auditor, Cindy Marintette, is concerned about the internal control deficiency. As a part of the year-end audit of bank transfers, Marintette asks you to schedule the transfers for the last few days in 2013 and the first few days of 2014. You prepare the following list: [Show More]
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