A key difference between auditing balance sheet accounts and income statement accounts is that: (a) Balance sheet

Question:

A key difference between auditing balance sheet accounts and income statement accounts is that:

(a) Balance sheet accounts always have larger totals.

(b) Balance sheet accounts are always more significant accounts.

(d) Income statement accounts rely on audit techniques such as confirmations.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

Fantastic news! We've Found the answer you've been seeking!