A Checklist of Questions,by Area or Issue That Enables a Systematic

question 67

Multiple Choice

A checklist of questions,by area or issue that enables a systematic analysis to be made of various corporate functions and activities is referred to as a(n)

• A) scenario.
• B) portfolio.
• C) strategic audit.
• D) social responsibility audit.
• E) SOP.

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Definitions:

Reversing Entries

Journal entries made the first day of the period that are the exact opposite of the related adjusting entries of the prior period.

Adjusting Entries

Journal entries used to adjust the accounting records for events that have occurred but not yet recorded in the financial statements at the end of the accounting period.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances from temporary accounts to permanent accounts, thus preparing the accounts for the next period.

Work Sheet Heading

The title section of a work sheet that typically includes the company name, title of the document, and the period covered.