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A fraud auditor who has confirmed accounts receivable may discover that the sales journal was held open past year-end if:

a. Positive confirmations sent to debtors are not returned.

b. Negative confirmations sent to debtors are not returned.

c. Most of the returned negative confirmations indicate that the debtor owes a larger balance than the amount being confirmed.

d. Most of the positive confirmations indicate that the debtor owes a smaller balance than the amount being confirmed.

e. None of the above.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M944330

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