It is important to record accounting transactions in a timely manner so that you can close out
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Question:
- It is important to record accounting transactions in a timely manner so that you can close out your books properly at the end of a quarter. Identify and discuss the factors that lead to a user failing to record transactions in a timely manner in accounting systems like QuickBooks. Justify your response.
- Be sure to respond to at least one of your classmates' posts.
What accounting numbers need to be "closed out"? Why?
What would be the impact on the financial statements if a sales transaction was not recorded?
Related Book For
Auditing An International Approach
ISBN: 978-0071051415
6th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
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