Reference no: EM132944300

To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account.

Problem 1: Which 3 reasons could be causing this balance?

Option 1: The client added transactions in the Banking Center without assigning an account to them
Option 2: Opening balance for an inventory item was entered during the setup process
Option 3: The client entered an Opening Balance when creating an Other Current Asset account
Option 4: Opening balances were included when importing customers using the Import data tool
Option 5: The client forced a bank reconciliation when the difference was not zero