It was stated that each account balance contains assertions about the nature of the item reflected on
Question:
It was stated that each account balance contains assertions about the nature of the item reflected on the financial statements.
Required
Identify the accounting assertions that are contained in the following accounts reflected on a company's financial statements:
• Sales
• Inventory
• Accounts receivable
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Sales Existence or occurrence the sales mentioned did occur Completeness the total sales amount repr...View the full answer
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Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
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