Author Question: To verify transactions, accountants use two mirror-image processes: vouching and tracing. Tracing is ... (Read 113 times)

notis · **on:** Jun 24, 2018

To verify transactions, accountants use two mirror-image processes: vouching and tracing. Tracing is a process where the accountant begins with an item of original data and checks out all the activity that has occurred from beginning to end to make sure it has been properly recorded throughout the bookkeeping process.
Indicate whether the statement is true or false

Question 2

Investors and creditors rely upon the independent evaluation by accountants of the financial statements issued by management.
Indicate whether the statement is true or false