Audit Lab

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There are a number of different bank accounts that a company could utilize. I will discuss three of the different bank accounts. The three banks accounts that I chose to discuss is the cash management account, the interest payroll account, and a petty cash account that a company is able to utilize. The cash management account is in deposit terminology refers to a type of account that is offered by the brokerage companies and other financial institutions and this type of account combines a brokerage account with a checking account (http://www.deposits.org/dictionary/term/cash-management-account/, 2014). An example of this type of account is it will allow one of their customers to be able to buy and sell stocks and bonds while they are still being able to earn money from the interest on the cash balances. The interest payroll account is where the company is giving the employees interest on the amount money that they are making and an example of utilizing this account would be to totally get rid of it. The petty cash account for a company is money that is kept available within the businesses to make change for customers or pay for small purchases that need to pay with cash and petty cash in offices are usually spent on expenses like employee lunches or parking fees (petty-cash-account, 2014).

Financial statement assertions are the set of information that the preparer of financial statements is providing to another party and they represent a very complex and interrelated set of assertions (assertions, 2014). There are five different financial assertions statements that the auditors use to be able to collect and justify and information and every single item that is included into the financial statement. The name of the five assertions is existence, completeness, valuation, rights and obligations, presentation and disclosure. Each one of these is very important information that is included in the assertions for the auditor to be able to use make sure the financial...
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