AA Chapter 21 Questions

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1. Kim Smith says

   February 10, 2021 at 8:47 am

   If I go to a bank to pay in a cheque (and/or cash), I can go to any branch of any bank and get a receipt for my deposit. However, I don’t have that money in my account to spend immediately – it is an outstanding lodgement until it “clears” the banking system and is credited to my account. My bank cannot know that I have paid in that money until then. Hence a bank cannot confirm at the reporting date money that it hasn’t yet received.

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2. Nikitagarwal says

   February 10, 2021 at 2:43 am

   Hi .. Regarding the question 5th the answer is Outstanding lodgments . can you please further explain why Bank report does not include it for Audit purpose?

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