This topic contains a solution. Click here to go to the answer

Author Question: Why is it important to define the universe of data? What will be an ideal ... (Read 87 times)

jho37

  • Hero Member
  • *****
  • Posts: 531
Why is it important to define the universe of data?
 
  What will be an ideal response?

Question 2

Discuss the purposes of the general journal and the general ledger, as well as how they are connected.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

alexisweber49

  • Sr. Member
  • ****
  • Posts: 311
Answer to Question 1

Although the entire universe of data usually cannot be analyzed, it is important that it be defined. This involves identifying any relevant data that may exist and disregarding any irrelevant data. Without properly defining the universe, the forensic accountant cannot select a meaningful sample for detailed analysis. Although such an assessment must be performed early in the investigation, maintaining the proper boundaries of the data universe is an ongoing effort. As new information surfaces, the analyst must determine whether and how it should be considered in the analysis.

Answer to Question 2

The general journal is a book of original entry in which each transaction of a business is recorded in chronological or date orderas in a diary. The general ledger is a book in which amounts are sorted by ledger accounts so that all changes to an account are shown in one place. They are connected by the process of posting, which transfers chronological information, sorted by account, from the journal to the general ledger. Posting reference notations provide cross-referencing for the posting process.




jho37

  • Member
  • Posts: 531
Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)


sultansheikh

  • Member
  • Posts: 335
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

For a complete list of videos, visit our video library