What is the objective in testing for cut-off?Select one:O a. That no transactions of the current period have been delayed and recorded in a fuO b. Whether transactions are recorded in the proper period○ c. That no transactions from the prior period are included in the current period's balaO d. Whether all of the current period's transactions are recorded

Break down of the options: Option A: The objective here is to ensure that no transactions from the…

Answered: What is the objective in testing for…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.4: Starting A New Journal

Problem 3AYU

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Similar questions

Which of the following statements is not correct? O A trial balance would help in detecting an error made while transcribing the debit side of a journal entry to the ledger O A journal discloses in one place the complete effects of a transaction O The correct sequence of steps in the recording process is: posting. journalizing, analyzing The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger
What are 'offsetting errors', which are made in recording the amount of a transaction? Please Explain.
STATEMENT 1: The purpose of performing compliance tests is to provide reasonable assurance that transactions are recorded at the amounts executed. STATEMENT 2: The process of analyzing subsidiary ledger accounts of accounts receivable to determine those accounts which are current, past due, and collectible is called anolysis. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct
Multiple choice:
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Generally, test of details of transactions is used when account balances are affected by large volumes of relatively immaterial transactions. TRUE OR FALSE? WHY?
Which of the following is false? Select one: a. Recording transactions in separate special journals provides users with a more efficient system and access to specific information. b. Source documents provide evidence for journal entries, which are then posted to the general ledger accounts. c. The opening balances from the general ledger accounts are used to create a trial balance, the financial statements and other reports. d. All of the choices are true
A correcting entry is not required if a. a transaction has been journalized using the wrong amounts and posted. b. a transaction has been journalized to the wrong accounts and posted. c. a transaction has been journalized using the wrong accounts and amounts, then posted. d. a transaction has been correctly journalized but posted incorrectly.
Which of the following is NOT a purpose of control accounts? O a. to identify all errors where the trial balance agrees O b. to provide a total for trade receivables and trade payables О с. to verify the accuracy of the individual ledger accounts O d. to assist in the preparation of financial statements
The typical procedures performed to verify that the client has not omitted any amounts from the payables balance include: Select one: a. performing confirmations of payables accounts b. performing analytical review procedures c. vouching recorded payables to supporting documentation d. subsequent payments testing
Which of the following errors in the journal entry will not be detected by trial balance.a) Debit part is overstated but credit part is correctly recordedb) Debit part is correctly recorded but credit part is understatedc) Both debit and credit parts are overstated by the same amountd) Debit part is correctly recorded but credit part is overstatedBoş bırak
When two digits in an amount are accidentally recorded the wrong way round will be called as: a. Error of Commission b. Error of Omission c. Error of Transposition d. Error of Principle

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