ep a permanent record of t saction is documented. If pw do you ensure that the ransactions are accurate?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Companies keep a permanent record of transactions,
and every transaction is documented. If you are the
bookkeeper, how do you ensure that the recorded
(journalized) transactions are accurate? Why is it
important to keep an accurate record of daily
transactions? Give specific situations/examples. Limit
your answer from 6 to 10 sentences only.
Transcribed Image Text:Companies keep a permanent record of transactions, and every transaction is documented. If you are the bookkeeper, how do you ensure that the recorded (journalized) transactions are accurate? Why is it important to keep an accurate record of daily transactions? Give specific situations/examples. Limit your answer from 6 to 10 sentences only.
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