accounting records

Accounting records - meaning

Accounting records – meaning

Accounting records are the records of initial accounting entries and supporting records, such as:

checks and records of electronic fund transfers;

invoices; 

contracts; 

the general and subsidiary ledgers,

Journal entries and other adjustments to the financial Statements that are not reflected in the formal Journal entries;

and the records such as work sheets and spreadsheets supporting cost allocations, computations, reconciliationsRead the rest

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Sequence of steps involved when directly seeking debtors’ confirmation.

Audit evidence can be obtained either through basic accounting records or documents obtained from third parties upon request by the auditor. This technique of obtaining information from the third part is normally referred to as direct confirmation.

The sequence of steps involved in debtors’ circularization process.

(1) Obtain a written permission from management to write the circularization letters,

(2) Write … Read the rest