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Author Question: The journal entry testing prescribed by SAS No. 99 identifies several common characteristics of ... (Read 25 times)

corkyiscool3328

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on: Jul 6, 2018
The journal entry testing prescribed by SAS No. 99 identifies several common characteristics of fraudulent entries. Which of the following is one such characteristic?
 
  A) an entry for credit sales to a buyer who does not pay his dues on time
  B) an entry for repairs and maintenance of plant made every period
  C) an entry for creating provisions for bad debts
  D) an entry for asset made by the managing director of the company

Question 2

Which of the following is true?
 a. The ledger account form maintains a running balance of the account.
   b. When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts.
   c. The process of transferring information from the journal to the ledger is called journalizing.
   d. All of the answers listed are correct.


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Amiracle

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

D
Explanation: D) The JE testing prescribed by SAS No. 99 identifies several common characteristics of fraudulent entries. Such characteristics may include entries made by individuals who do not normally make journal entries.

Answer to Question 2

a


corkyiscool3328

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Reply 2 on: Jul 6, 2018
Thanks for the timely response, appreciate it

upturnedfurball

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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