Question
Lilia Hussey made two statements to Sami Moneymaker about cut-off procedures: i) Testing cut-off transactions is particularly important for transactions close to year end. ii)
Lilia Hussey made two statements to Sami Moneymaker about cut-off procedures: i) Testing cut-off transactions is particularly important for transactions close to year end. ii) Cut-off procedures help determine whether transactions have been recorded in the correct accounting period. Which of these statements were true?
- (i) only
- (ii) only
- both (i) and (ii)
- neither (i) nor (ii)
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Principles Of Financial Accounting
Authors: Jerry J. Weygandt, Michael J. Atkins, Donald E. Kieso, Paul D. Kimmel, Valerie Ann Kinnear, Barbara Trenholm, Joan E. Barlow
1st Canadian Edition
1118757149, 978-1118757147
