Homework Answers
1. A (Existence and Occurrence)
2.C (Completeness)
3.D (Valuation or Allocation)
4.C (Completeness)
5.A (Existence and Occurrence)
6.B (Rights &Obligations)
7.D (Valuation or Allocation)
8.D (Valuation or Allocation)
9.E (Presentation &Disclosure)
10.E (Presentation &Disclosure)
Add Answer to:
Situation No. 1: Management assertions Listed below are various management assertions related to inventory and cost...
Stenton to Management assertions Listed below are various management assertions related to inventory and cost of...
Stenton to Management assertions Listed below are various management assertions related to inventory and cost of sales. Match the management assertion that is most likely being tested. A. Existence and Occurrence B. Rights and Obligations C. Completeness D. Valuation or Allocation E. Presentation and Disclosure 1. Recorded inventory exist. _2. All inventory have been recorded 3. Inventory are recorded at the correct amounts. 4. All cost of sales transactions have been recorded. _5. Recorded cost of sales transactions have occurred....
The following are various management assertions (a. through m.) related to sales and accounts receivable. Management...
The following are various management assertions (a. through m.) related to sales and accounts receivable. Management Assertion Receivables are appropriately classified as to trade and other receivables in the financial statements and are clearly described. Sales transactions have been recorded in the proper period. Accounts receivable are recorded at the correct amounts. Sales transactions have been recorded in the appropriate accounts. All required disclosures about sales and receivables have been made. All accounts receivable have been recorded. Disclosures related to...
6-30 (Objective 6-8) The following are various management assertions (a. through m.) related to sales and...
6-30 (Objective 6-8) The following are various management assertions (a. through m.) related to sales and accounts receivable. Management Assertion Receivables are appropriately classified as to trade and other receivables in the financial statements and are clearly described. Sales transactions have been recorded in the proper period. Accounts receivable are recorded at the correct amounts. Sales transactions have been recorded in the appropriate accounts. All required disclosures about sales and receivables have been made. All accounts receivable have been recorded....
Now that you have identified the revenue-related internal control that relates to the five assertions (existence,...
Now that you have identified the revenue-related internal control that relates to the five assertions (existence, completeness, accuracy or valuation, rights and obligations, and presentation and disclosure), the test of controls will need to be identified for each assertion and internal control. For this assignment, you will write and submit 400-500 words that set specific tests of internal controls for the 5 internal controls related to management assertions that you identified (existence, completeness, accuracy or valuation, rights and obligations, and...
22. Auditors consider financial statement assertions to identify appropriate audit procedures. For items i through vi,...
22. Auditors consider financial statement assertions to identify appropriate audit procedures. For items i through vi, match each assertion with the statement that most closely approximates its meaning. Each statement may be used only once. (Use letters a. – f. below.) Assertion Statement i. Completeness ii. Cutoff iii. Existence and occurrence iv. Presentation and disclosure v. Rights and obligations vi. Valuation a.The company legally owns the assets, and are legally on the line for paying liabilities. b. Accounts receivable and...
DQ 1: The following are various management assertions related to sales and account receivable. Required: For...
DQ 1: The following are various management assertions related to sales and account receivable. Required: For each assertion, indicate whether it is an assertion about classes of transactions and events or an assertion about account balances. Indicate the name of the assertion made by management. MANAGEMENT ASSERTION CATEGORY OF MANAGEMENT ASSERTION NAME OF ASSERTION a. Recorded accounts receivable exist. b. Disclosures related to sales are relevant and understandable. c. Recorded sales transactions have occurred. d. There are no liens or...
Assignment IX Match the following assertions with their meanings below. AWN- Existence or Occurrence Completeness Ассасу...
Assignment IX Match the following assertions with their meanings below. AWN- Existence or Occurrence Completeness Ассасу Cutoff Classification Ownership, Rights, and Obligations Valuation and Allocation TASK (a) _ Amounts in the financial statements reflect reasonable estimates. Transactions are posted properly and balances are shown in the correct accounts Recorded transactions and account balances are valid. The financial statements reflect numbers that are correctly calculated. All transactions and account balances have been included in the financial records. All assets and liabilities...
le plainin evidential matter in support of financial statement assertions, the auditor develops specific audit chiectives...
le plainin evidential matter in support of financial statement assertions, the auditor develops specific audit chiectives in light of those assertions. Audit procedures are then selected to accomplish audit objectives. Required: Your client is Hillmart, a retail department store that does no production. For each specific inventory audit obiective listed below select the most closely related financial statement assertion and the most appropriate audit procedure, FL nancial statement assertions and audit procedures may be selected once, more than once, or...
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and...
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and valuation -existence, rights, and cutoff -existence, rights, and obligations -occurrence, cutoff, and completeness Question 30 Assertions about account balances at year-end typically include _______. -existence, occurrence, and cutoff -existence, completeness, and allocation -existence, completeness, and rights and obligations -accuracy, valuation, and occurrence Question 31 Assertions about presentation and disclosure typically include _______. -cutoff, presentation, and disclosure -completeness, accuracy and valuation, and classification and understandability...
Audit and Investigation work. Can you please assist me.Thank you B- ASSERTIONS AND AUDIT OBJECTIVES: The...
Audit and Investigation work. Can you please assist me.Thank you B- ASSERTIONS AND AUDIT OBJECTIVES: The following are specific balance related audit objective applied to the audit of accounts receivable (a thu h) and management assertions about account balances (1 thu 4) The list referred to in the specific balance related audit objectives is the list of the accounts receivable from each customer at the balance sheet date. Specific Balance Related Audit Objective a) There are no unrecorded receivables b)...
Stenton to Management assertions Listed below are various management assertions related to inventory and cost of sales. Match the management assertion that is most likely being tested. A. Existence and Occurrence B. Rights and Obligations C. Completeness D. Valuation or Allocation E. Presentation and Disclosure 1. Recorded inventory exist. _2. All inventory have been recorded 3. Inventory are recorded at the correct amounts. 4. All cost of sales transactions have been recorded. _5. Recorded cost of sales transactions have occurred....
Assignment IX Match the following assertions with their meanings below. AWN- Existence or Occurrence Completeness Ассасу Cutoff Classification Ownership, Rights, and Obligations Valuation and Allocation TASK (a) _ Amounts in the financial statements reflect reasonable estimates. Transactions are posted properly and balances are shown in the correct accounts Recorded transactions and account balances are valid. The financial statements reflect numbers that are correctly calculated. All transactions and account balances have been included in the financial records. All assets and liabilities...
le plainin evidential matter in support of financial statement assertions, the auditor develops specific audit chiectives in light of those assertions. Audit procedures are then selected to accomplish audit objectives. Required: Your client is Hillmart, a retail department store that does no production. For each specific inventory audit obiective listed below select the most closely related financial statement assertion and the most appropriate audit procedure, FL nancial statement assertions and audit procedures may be selected once, more than once, or...
Most questions answered within 3 hours.
-
Kylie is a single mom with two dependent children,
Tanner, age 7 and Olivia, age 11....
asked 1 hour ago -
Phosphorous + bromine = phosphorous tribromide. If 35.0 g of
bromine are reacted and 27.9 grams...
asked 2 hours ago -
Derive the long wavelength limit of the Planck energy density
distribution
asked 2 hours ago -
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 5 hours ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 5 hours ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 6 hours ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 6 hours ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 6 hours ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 6 hours ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 6 hours ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 6 hours ago -
Create a button in Swift (Xcode) that will create a charge,
create a charge using Stripe's...
asked 6 hours ago