Procedures used to verify accounting reports and statements are referred to as
A)lean accounting.
B)accounting audits.
C)activity-based costing.
D)accounting reforms.
E)budget audits.

Question

Quizplus · Accepted Answer

Procedures used to verify accounting reports and statements are called accounting audits. Lean accounting is a methodology for simplifying and streamlining accounting processes, activity-based costing is a costing method that assigns costs based on the activities that drive them, accounting reforms refer to changes in accounting regulations or standards, and budget audits are specific reviews of an organization's budget. None of these terms accurately describe the procedures used to verify accounting reports and statements.

Procedures Used to Verify Accounting Reports and Statements Are Referred