According to SAS 78,an effective accounting system performs all of the following except
A) identifies and records all valid financial transactions
B) records financial transactions in the appropriate accounting period
C) separates the duties of data entry and report generation
D) records all financial transactions promptly

Question

Quizplus · Accepted Answer

SAS 78 states that an effective accounting system must identify and record all valid financial transactions, record financial transactions in the appropriate accounting period, and record all financial transactions promptly. However, SAS 78 does not specifically require the separation of duties of data entry and report generation.

According to SAS 78,an Effective Accounting System Performs All of the Following