An auditor ordinarily uses a working trail balance resembling the financial statements without footnotes, but containing columns for:
a. reclassifications and adjustments
b. reconciliations and tickmarks
c. accruals and deferrals
d. expense and revenue summaries
Ans: a. reclassifications and adjustments
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How is general ledger updating accomplished by the various accounting subsystems?
A) Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours. B) Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger. C) The controller or treasurer must approve accounting subsystem journal entries before any updating may occur. D) Nonroutine transactions are entered into the system by the treasurer's office.
Sunk costs are
A) not deductible for tax purposes. B) not relevant in capital budgeting. C) incremental. D) recoverable.