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Author Question: Which of the following is an example of nonexistent data? A) The check slips for the month of ... (Read 34 times)

clmills979

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on: Jul 6, 2018
Which of the following is an example of nonexistent data?
 
  A) The check slips for the month of June and July were misplaced. The bank maintains a copy of this at the client's request.
  B) Some entries were changed to reflect a higher value of assets. The invoices containing the original amount are yet to be altered.
  C) The client refused to divulge the details of the sale contract. The supplier does not have a copy of the contract.
  D) The company maintains documents supporting transactions only for three years. The transaction in question was made five years ago.

Question 2

An exchange of assets has no effect on the totals of the accounting equation.
  Indicate whether the statement is true or false


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Jordin Calloway

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Reply #1 on: Jul 6, 2018
Answer to Question 1

D
Explanation: D) Nonexistent data are data that simply do not exist, either now or at any time. Some data are only maintained for a certain period of time. This may be years (for paper records) or only days/hours (for digital data). The analyst should consider whether the life of the data may be limited and, if so, take necessary actions to preserve it. Another possibility is that the data may exist, but not in a usable form for the intended analysis.

Answer to Question 2

T


clmills979

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Reply #2 on: Jul 6, 2018
Correct answers!


Jordin Calloway

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Reply #3 on: Jul 6, 2018
Great! Please up vote :D


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