Auditors know that journal-entry testing is one of many procedures they can use in addressing client data completeness and, hence, audit risk (see AU-C Section 240, Consideration of Fraud in a ...

When you sell property that you use in your small business, such as buildings, furniture or machinery, you must record the transaction in your accounting system to show whether the sale resulted in a ...

Discover how general ledgers and general journals work together in double-entry bookkeeping to track financial data accurately and efficiently for your business.

The top-side journal entry is most susceptible to fraud by management override. It’s possible to make adjustments in subledgers, but this requires collusion with other organizational departments, ...

When you take cash out of your business and put it into a restricted fund, meaning it's set aside for a specific purpose, the transaction must be recorded in accordance with generally accepted ...