Question
Sha: Do you know something about the Statement Of Financial Position (SOFP)? Don: Whats that? Sha: The SOFP is actually not a part of the
Sha: Do you know something about the Statement Of Financial Position (SOFP)?
Don: Whats that?
Sha: The SOFP is actually not a part of the double entry system.
Don: Are you sure? But when I close the ledgers, its balances are all shown in the SOFP
Sha: Yup, I am pretty sure. Did you forget that the SOFP doesnt have closing balances?
Don: Oh yeah
Required:
Based on the above conversation, discuss on the implications in which the Statement Of Financial Position (SOFP) not being part of the double entry system.
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Trap Doors And Trojan Horses An Auditing Action Adventure
Authors: D. Larry Crumbley, David Kerr, Veronica Paz, Lawrence Smith
1st Edition
1531021573, 978-1531021573
