The starting point for testing the ending balance of financial instruments accounts is to obtain a gain or loss schedule for the year.

Question

Quizplus · Accepted Answer

The starting point for testing the ending balance of financial instrument accounts is to obtain a trial balance or ledger containing the balance of financial instrument accounts at year-end. A gain or loss schedule can then be prepared based on this information, but it is not the starting point for testing the ending balance.

The Starting Point for Testing the Ending Balance of Financial