Which of the following summarizes the detail included in a specific account on the financial statements?
A)Vouching
B)Assertion
C)Lead schedule
D)Bank confirmation

Question

Quizplus · Accepted Answer

A lead schedule summarizes the detail included in a specific account on the financial statements. Vouching involves tracing transactions from source documents to the financial statements, assertion refers to the explicit or implicit representation by management that information in the financial statements is fairly stated, and bank confirmation involves confirming the accuracy of balances and activity with banks.

Which of the Following Summarizes the Detail Included in a Specific