Sam Wing is an accounting clerk who has stolen $1,700 in cash from the company he works
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Sam Wing is an accounting clerk who has stolen $1,700 in cash from the company he works for. He prepares the bank reconciliation each month. When he performs the reconciliation this month, he knows that the adjusted cash balance will be $1,700 higher than the adjusted bank balance because of his theft. He therefore decides to falsify the amount of outstanding cheques. Why would he do this and would he overstate or understate the amount?
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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