Question
1. Describe the content and purpose of (a) the general ledger, (b) chart of accounts, (c) trial balance. 2. If total debits equal total credits
1. Describe the content and purpose of (a) the general ledger, (b) chart of accounts, (c) trial balance.
2. If total debits equal total credits on a trial balance, does that mean no errors were made? Explain.
3. An auditor points to a specific credit posted to the Cash account. The auditor asks you to "prove" that this is a valid business transaction. How would you do that?
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Management Accounting
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton
7th Edition
978-1760421144, 1760421146
