Question

It may not always be possible to research the accounting for proposed transactions. Research may be required at the time, or after, a transaction is executed if:_______.
a. the transaction or event could not have been anticipated, such as issues arising from a fire or natural disaster.
b. the transaction was time-sensitive, and there was not sufficient lead time to research the accounting.
c. communication broke down between the accounting team and the operations teams in the organization, and the accounting team was not made aware of the proposed transaction.
d. the preparer has limited resources and therefore only performs research for final transactions.
e. all of the other answers are correct.

Answer 1

Option E

Research may be required at the time, or after, a transaction is executed if: all of the other answers are correct.

Explanation:

Inappropriate, accounting research may be required for transactions that are unique or rare for a firm, or concerning which a firm does not have an organized accounting fashion. Accounting research is commonly only implemented for transactions and functions that are deemed element to a thing and that are consequently suitable to users of an entity’s financial reports.

A transaction is performed, when the firm underwent from a construction explosion or natural hazard, the transaction was time-sensitive, Contact cracked down within the deal makers in the business and the accounting unit, the transaction was extremely secret.