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How will the following be disclosed on an entity's cash flow statement Equipment with a historical cost 120.000 and Accumulated Depreciation of 512,000 is sold for $15.000 cash A loss of 57.000 is added to net income in the Operating Section A gain of $5,000 is deducted from net income in the Operating Section A gain of $7,000 is deducted from net income in the Operating Section A gain of $7,000 is deducted from net income in the Operating Section and $15,000 is added to the Investing Section 15. Which of the following requires a journal entry in a bank reconciliation? Deposits in transit error in a check amount on the books crror in a check amount that cleared the book bando What is the best type (strongest degree of evidence of a confirm to substantiate a client's customer's AR balance? positive confirm negative confirm blank confirm none of the above as only cash balances are confirmed 17. Decreasing an Allowance for Doubtful Accounts is MOST likely due to which? S Accounts Receivable Decreasing with an increase in the aged (older) categories - Accounts Receivable Increasing Accounts Receivable not changing in total however a larger balance in the aged categories Accounts Receivable Increasing in all age categories Accounts Receivable not changing in total however a lower balance in the aged categories 18. Today is your first day on the job at HJ Pennypacker. You first assigned duty is to perform a bank ree for the month of June 2019. What should be your first step? Ensuring that the GL balance for June equals the balance per the June bank statement- Analysis of the bank statement Analysis of the GL Ensuring that the May adjusted book balance per the prior month bank rec agrees to the May end of the month GL balance None of the above What should be your first step in auditing Accounts Receivable? Sending confirmations to the larger customer balances Verifying that the Allowance for Doubtful Accounts is calcuated properly Agreeing the GL balance to an A/R aging Performing subsequent cash receipt testing 20 Access to the FASB codification this semester was provided for free via a link to The AICPA's website The American Association of Accountants The American Academy of Accountants The American Accounting Association None of the above

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