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Transactions are summarized in: A. The notes for the financial statements. B. The independent auditor's opinion...

Transactions are summarized in:

A. The notes for the financial statements.

B. The independent auditor's opinion letter.

C. The entity's accounts.

D. None of these.

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Answer #1

Answer is option C

C. The entity's accounts.

A master set of accounts is prepared which is called a general ledger. It summarized all transactions that take place in the entity. The independent auditor's opinion letter is a written statement assuring the accuracy and completeness of financial statements by the auditor. Notes to the financial statements mentions the assumptions or changes in accounting policies incorporated while preparing the financial statements.

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