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What is the financial statement impact of the error

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Reference no: EM132768569

Problem 1: The accountant for a company mistakenly posted an asset amount as an expense in the general ledger. What is the financial statement impact of this error?

A. Assets are too low, and retained earnings are too high

B. Assets are too high, and retained earnings are too high.

C. Assets are too low, and retained earnings are too low

D. Assets are too high, and retained earnings are too low

Problem 2: Which activity is a detective control?

A. Independent checks

B. Proper authorizations

C. Physical control

D. Segregation of duties

Reference no: EM132768569

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