If working papers are not considered a part of the formal accounting records, then why are they used?
Working papers are tools used by accountants to collect and summarize data for various analysis and reports.
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A sample of positive confirmations is mailed for material accounts receivable balances. Frequently there is a lack of response. Which of the following is not an acceptable alternative procedure?
a. Reviewing collections on the account subsequent to the confirmation date. b. Inquiry of management. c. Mailing second and third confirmations. d. Examination of supporting documents.
An estate pour autre vie creates:
A) A brief interest in personal property. B) A permanent transfer of goods. C) A lifetime interest in real property. D) None of the above.
Which of the following is a claims exchange transaction?
A. Issued a note to purchase equipment B. Paid interest on a note payable C. Accrual of interest on a note payable D. Repaid principal on a note payable
Neither U.S. GAAP nor IFRS require the use of accrual basis accounting.
Answer the following statement true (T) or false (F)