The following are pros of using the Report Review Method for Reconciliation, except:1 pointIt provides a detailed level reviewIt can give insight into the business health and trends for certain accountsIt can be a faster process than other methodsIt can highlight problem accounts to focus on5.Question 5Which of the following accounts can be reconciled using the report reconciliation method? (Select all that apply)1 pointPayrollCash AccountLong Term NoteAccounts Payable6.Question 6True or False: As long as the items are legible and contain all of the original information, in most cases, a photocopy or digital copy of a source document is deemed acceptable.1 pointFalseTrue

20.Question 20Which of the following best describes the Report Method of Reconciliation?1 pointThe method of reviewing source documents to prepare for tax returns.The method of writing a bank statement reconciliation to complete an end of month close on the cash account.The method of comparing the amount listed in the source document to the actual ending balance listed on the balance sheet.The method of using the equation A=L+E to determine if the books are balanced.

A reconciliation that includes proof of receipts and disbursements that is useful in discovering possible discrepancies in handling cash over a certain period of time.Select one:a.bank reconciliationb.bank statementc.proof of cashd.cash requirements report

Producing ReportsPrior to producing reports, reconciliation clerk typically need to Answer 1 Question 10 to recognise end-of-period accruals. Then, relevant accounting staff can produce Answer 2 Question 10 for internal audience and Answer 3 Question 10 for external audience.

Zapata is preparing her annual taxes for her retail clothing business, La Calidad. She has been performing quarterly reconciliations of her accounts and is about to do her final quarterly review. She begins with an analytical review, and then, digs deeper if a discrepancy is noted. Review the source documents and statements below to answer the questions. Compare the two documents below to reconcile the bank account. Then, determine which of the following are errors. (Select all that apply)1 pointThe balance totaled on 10/27 and 11/01 is incorrectThe charge on 12/21 was transposed incorrectlyThe ledger omitted the bank tax on 12/10 The bank omitted the check deposit on 11/14

Which of the following procedures is most likely to be used to verify the completeness of accounts payable?A) Confirming accounts payable with suppliersB) Reviewing subsequent disbursementsC) Examining supporting documentation for cash disbursementsD) Comparing vendor statements with recorded payables