What is the objective in testing for cut-off?Select one:O a. That no transactions of the current period have been delayed and recorded in a fuO b. Whether transactions are recorded in the proper period○ c. That no transactions from the prior period are included in the current period's balaO d. Whether all of the current period's transactions are recorded

Break down of the options: Option A: The objective here is to ensure that no transactions from the…

Answered: What is the objective in testing for…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.4: Starting A New Journal

Problem 3AYU

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Similar questions

How to ensure that overstatement as well as misstatements of account balances due to redundancy and out-of-date of information flows are identified and terminated?
What is a suspense account? Is it necessary that is suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspense account?
Which of the following statements is associated with analytical procedure test? a. It helps to identify the errors in journal and ledger. b. It helps to test the internal control system. c. It helps to study the comparison of relationships among balance sheet accounts. d. It helps to discover detailed misstatements in the financial statements.
If the _______ is less than the _______, the audit team would conclude that the account balance is fairly stated.a. Projected misstatement; tolerable misstatement.b. Tolerable misstatement; projected misstatement.c. Upper limit on misstatements; tolerable misstatement.d. Tolerable misstatement; upper limit on misstatements.
Explain why the ledger can still contain errors even though the trial balance is in balance. Give examples of two such types of errors?
What alternative procedures should be applied to accounts that do not return confirmations?
How would you find errors in recording transactions and what is the process to correct errors?
Where the correct accounts are used but each item is shown on the wrong side of the account is an example of which type of error? a. Error of transposition b. Error of partial omission c. Complete reversal d. Error of compensation
The typical procedures performed to verify that the client has not omitted any amounts from the payables balance include: Select one: a. performing confirmations of payables accounts b. performing analytical review procedures c. vouching recorded payables to supporting documentation d. subsequent payments testing
9. A working paper should contain, except: * A. Client's name B. Balance sheet date for real accounts C. Tick marks for audit procedures applied D. Appropriate cross-referencing E. None of them
Which of the following is not a characteristic of non-counterbalancing error? Group of answer choices a.If the net income of one year is understated due to non-counterbalancing error, the net income of subsequent year is also affected. b.The statement of financial position of the year of non-counterbalancing error and succeeding statement of financial position are incorrect until the error is corrected. c.If not detected, this is not automatically corrected in the next accounting period. d.The income statement of the period in which the non-counterbalancing error is committed is misstated.
How would you find errors in recording transactions and what is the process to correct errors? Provide an example

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