Shakira issues a check drawn on Thrifty Bank to Ranch & Farm Supply to pay for a rototiller. Later, Shakira discovers a defect in the device and orders Thrifty to stop payment on the check. Shakira does not renew the order, and the bank clears the check eight months later. The bank
a. must recredit Shakira's account.
b. must obtain funds from Ranch & Farm to cover the check.
c. must substitute acceptable goods.
d. need not recredit Shakira's account.
D
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U.S. News & World Report is an example of a reference material
Indicate whether this statement is true or false.
Which one of the following procedures is not part of preparing a bank reconciliation of a checking account?
a. Tracing deposits listed on the bank statement to the books to identify deposits in transit b. Arranging canceled checks in numerical order and tracing them to the books to identify outstanding checks c. Identifying items added on the bank statement which have not been recorded as cash receipts by the company d. Preparing adjustments to reverse the transactions recorded for checks that are still outstanding
The overall objective of an audit is to obtain assurance whether the financial statements are free of misstatement
a. True b. False Indicate whether the statement is true or false
In a random sample of UTC students 50% indicated they are business majors, 40% engineering majors, and 10% other majors. Of the business majors, 60% were females; whereas, 30% of engineering majors were females. Finally, 20% of the other majors were female. a.What percentage of students in this sample was female?b.Given that a person is female, what is the probability that she is an engineering major?
What will be an ideal response?