Question 1
Explain kiting, and discuss how it is performed.
Question 2
Match six of the terms (a-k) with the descriptions/definitions provided below (1-6).
| f. | imprest payroll account |
| g. | imprest petty cash fund |
| j. | standard bank confirmation form |
________ 1. a fund of cash maintained within the company for small cash acquisitions, expenses, or to cash employees' checks
________ 2. a form approved by the AICPA and American Bankers' Association through which the bank responds to the auditor about bank balance and loan information
________ 3. excess cash invested in short-term, highly liquid investments such as time deposits, certificates of deposit, and money market funds
________ 4. the primary bank account for most organizations
________ 5. the transfer of money from one bank account to another and improperly recording the transfer so that the amount is recorded as an asset in both accounts
________ 6. the document usually prepared by client personnel of the differences between the cash balance recorded in the general ledger and the amount in the bank account
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