MANAGEMENT

Detailed explanation-1: -Audit. A review of accounting records and procedures. Balance sheet. Report of the balances in all assets, liability, and owners equity accounts at the end of an accounting period.

Detailed explanation-2: -Types of accounting records include transactions, general ledgers, trial balances, journals, and financial statements.

Detailed explanation-3: -Examples of accounting records are the general ledger, all subsidiary ledgers, invoices, bank statements, cash receipts, and checks.

Detailed explanation-4: -Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non monetary transactions.