Ques:- How do you assess if the entries posted are correct or incorrect?
Asked In :-
AFEX Group, frost bank, nordic semiconductor asa, analytix business solutions, aoa, tresvista financial services,
Right Answer:
To assess if the entries posted are correct or incorrect, I would:
1. Verify that each entry has a corresponding source document (like invoices or receipts).
2. Check that debits equal credits in each transaction.
3. Review account balances for any discrepancies.
4. Reconcile accounts with bank statements and other financial records.
5. Ensure compliance with accounting principles and standards.
To assess if the entries posted are correct or incorrect, I would:
1. Verify that each entry has a corresponding source document (like invoices or receipts).
2. Check that debits equal credits in each transaction.
3. Review account balances for any discrepancies.
4. Reconcile accounts with bank statements and other financial records.
5. Ensure compliance with accounting principles and standards.