All known liabilities are documented by Select one: a. an easily recognizable and traceable paper trail...

Question

Question

All known liabilities are documented by

Select one:

a. an easily recognizable and traceable paper trail

b. macro ledgers and micro ledgers

c. writing in stone

d. hypothetical evidence

Answer 1

Answer #1

As per accounting principles of reliability. Every transaction should be supported by faithful evidence to conform the validity of such transaction.

Hence option a is correct.

Option c is not feasible in modern times and option b and d will not help in validating the liabilities

Hence option b , c and d are incorrect.

Answer 2

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