The following statements relate to nature of positive and negative confirmation requests. Which statement is true? * a. In positive confirmation, the customer is requested to reply directly to the client stating whethe the balance appearing in the reply portion of the confirmation request is correct or not, and if not to indicate details of difference. b. In a negative confirmation, the customer is asked to sign a confirmation form showing the account balance and return it in a stamped, addressed enveloped that is enclosed c. A positive confirmation request seeks a response from the debtor as to whether or not the balance is correct, and requests payment of the amount d. In negative confirmation, the debtor is requested to reply only if he disagrees with the indicate balance and to note details of the disagreement.

The following statements relate to nature of positive and negative confirmation requests. Which statement is true? * a. In positive confirmation, the customer is requested to reply directly to the client stating whethe the balance appearing in the reply portion of the confirmation request is correct or not, and if not to indicate details of difference. b. In a negative confirmation, the customer is asked to sign a confirmation form showing the account balance and return it in a stamped, addressed enveloped that is enclosed c. A positive confirmation request seeks a response from the debtor as to whether or not the balance is correct, and requests payment of the amount d. In negative confirmation, the debtor is requested to reply only if he disagrees with the indicate balance and to note details of the disagreement.

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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