Which of the Following Is Not Helpful in Reducing the Risk

question 52

Multiple Choice

Which of the following is not helpful in reducing the risk of journal entries errors during the preparation of adjusting journals?

• A)Independent approval of journal entries by senior accounting staff
• B)Attach full working papers to support journal entry calculations
• C)Document assumptions and algorithms relied on when calculating journal amounts
• D)Performing a reasonableness check.

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Definitions:

Auto Lease

An auto lease is a contractual agreement where one party, the lessor, provides an automobile to another party, the lessee, for a specified period, in exchange for regular payments.

Consumer

An individual who purchases goods and services for personal use.

Sale Under UCC

Transaction of goods governed by the Uniform Commercial Code, a set of laws regulating sales and commercial transactions in the United States.

Payable Cash

Monetary amounts that are due and able to be paid in cash form.