Controls over the period ending reporting process include:
A)procedures to enter estimated transaction totals into the general ledger
B)procedures used to record recurring and nonrecurring adjustments to the annual and quarterly financial statements
C)procedures related to the selection and processing of accounting policies
D)procedures used to initiate,authorize,record,and process journal entries in the general ledger
E)procedures for recording annual and quarterly financial statements and related disclosures
F)both A and B
G)both B and D
H)both C and E

Question

Quizplus · Accepted Answer

Controls over the period ending reporting process include procedures used to record recurring and nonrecurring adjustments to the annual and quarterly financial statements (B) and procedures used to initiate, authorize, record, and process journal entries in the general ledger (D). These control procedures ensure the accuracy and completeness of financial statements and prevent errors and fraud.

Controls Over the Period Ending Reporting Process Include