Balance sheet does not include:_____________?
Correct answer: D. Routine checksHire An Accountant
- A. Verification of assets and liabilities
- B. Vouching of income and expense accounts related to assets and liabilities
- C. Examination of adjusting and closing entries
- D. Routine checksHire An Accountant
Explanation
A balance-sheet audit focuses on verifying assets and liabilities, related income and expenses, and relevant adjusting or closing entries. Routine checks are ordinary audit procedures rather than a specific component of balance-sheet audit.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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