menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Auditing Assurance Services
  4. Exam
    Exam 16: Audit of transaction cycles and financial statement balances II
  5. Question
    The Transfer of Money from One Bank Account to Another
Solved

The Transfer of Money from One Bank Account to Another

Question 25

Question 25

True/False

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 is referred to as lapping.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q20: The periodic payments of interest and principal

Q21: In auditing the retained earnings balance for

Q22: Banks are responsible for searching their records

Q23: It is not difficult to be sure

Q24: Information typically confirmed on liabilities to the

Q26: The audit of the bank reconciliation will

Q27: It should ordinarily be unnecessary to examine

Q28: The most important objective for depreciation expense

Q29: Depreciation expense is one of the few

Q30: Which one of the following transaction-related objectives

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines