________ Refers to Things We Do Not Know That We

question 78

Multiple Choice

________ refers to things we do not know that we do not know.

• A)Risk
• B)Uncertainty
• C)Assessment
• D)Vulnerability

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Definitions:

Understated

Describes an item that is reported at a figure less than the actual amount.

Bank Reconciliation

Aligning an organization's bookkeeping figures for a cash account with the related details found on a bank statement.

Checkbook Balance

The balance of a checking account according to the checkbook's records, not necessarily the same as the bank statement balance.

Journal Entries

Records of financial transactions in the chronological order made in the accounting journals.