One of the Largest Challenges Across the Accounting Industry for Auditing

question 17

Multiple Choice

One of the largest challenges across the accounting industry for auditing firms which use blockchain is:

• A)Understanding business activities.
• B)Continuous monitoring.
• C)Deciphering cryptocurrency.
• D)A gap in skillset.

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Definitions:

Accounts Receivable

Money owed to a company by its clients or customers for goods or services that have been delivered but not yet paid for.

Accounts Payable

Money owed by a company to its creditors for goods and services that have been delivered but not yet paid for.

Accounting Equation

A fundamental principle in accounting that states assets equal liabilities plus owner's equity.

Equipment

Physical assets used in the operation of a business, such as machinery, computers, and furniture.