Describe the process of accounting for errors that have been corrected.

Q: Which of the following is the postclosing trial balance not designed to verify?

A: The objective of this question is to understand what the postclosing trial balance is not designed…

Q: What Is Forensic Accounting?

A: Forensic Accounting i an integral part of Accounting.Its basically kind of Hindsighting in a legal…

Q: Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: how would management know if the calculations were entered incorrectly in any kind of reporting?

A: Accounting errors are inadvertent errors in accounting entries. When an error or mistake is…

Q: What is the importance of date of declaration, date of record, and date of payment?

A: Following are the importance of declaration date, record date and payment date in accordance with…

Q: Provide two inherent risk factors in the revenue cycle and identify the accounts that are likely to…

A: RCM (revenue cycle management) is a procedure used by healthcare systems in the United States and…

Q: What alternative procedures should be applied to accounts that do not return confirmations?

A: Confirmation of accounts receivable:  When the auditor has examined the documents of the clients…

Q: Distinguish between the evaluation of the adequacy of insurancecoverage and the verification of…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Distinguish between the terms tolerable misstatement and preliminary judgment about materiality. How…

A: A review or examination of several account books by an inspector, together with a physical inventory…

Q: The final outcome of an audit process is a/an _______________ a. Audit report b. Profit or loss c.…

A: The audit is a process of analyzing the reports of business.

Q: Which documents would an auditor most likely choose to examine closely to ascertain that all…

A: Option d. receiving reports is the answer

Q: Explain the types of auditor’s reports.

A: Auditor's report refers to assessment that provides auditor's opinion on the validity and…

Q: an account should be referred to a professional collection agency if

A: an account should be referred to a professional collection agency in following case

Q: Discuss the objective of eliminating the receiving function.What accounting/audit problems need to…

A: Auditing is the process of ensuring that an entity's financial records are correct and fairly…