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In an essay, explain the impact of a missing journal entry on the financial statement...

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sweet107 | Student, College Freshman | Honors

Posted September 21, 2010 at 1:00 AM via web

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In an essay, explain the impact of a missing journal entry on the financial statement of a company.

 

Identify 3 limitations of the internal control system.

Provide 2 examples of internal control procedures.

Identify 2 symptoms of lack of internal control.

 

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dexter12345 | Student, Undergraduate | eNotes Newbie

Posted February 13, 2011 at 8:58 PM (Answer #1)

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Missing journal entry will always affect the credibility and the truthness of a financial Statement. Mistatement of Financial reports will always lead to a wrong decision-making of its User.

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