Explain the difference between the completeness assertion and the existence assertion.

Question:

Explain the difference between the ‘completeness’ assertion and the ‘existence’ assertion.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing A Practical Approach

ISBN: 9780730382645

4th Edition

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

See More Books

Question Posted: Sep 16, 2023 01:11 PM

See More Questions

An auditor has to determine both the reliability and the relevance of potential audit evidence in order to determine that appropriate audit evidence is gathered. a. Explain the difference between...
An auditor has to determine both the reliability and the relevance of potential audit evidence in order to determine that appropriate audit evidence is gathered. a. Explain the difference between...
Explain why completeness is a more critical assertion for payables than for cash, receivables, inventory, or PPE. What procedures are primarily designed to address the completeness assertion for...
Adam Kleen Enterprise (AKE) was initially set up as a convenient shop selling laundry related items by Adam Bollan. Despite having good results in the national-level examination and was even offered...
Effect of transactions on various financial ratios. Include the effect that each transaction/event listed here will have on the financial ratio listed opposite it, and provide an explanation for your...
Do you think that people will feel free to come to her with suggestions and problems?
What amount will Sue receive from the bank?
Look at Figure 13.2, which shows the organizational life cycle. In which of these stages is Sir Kensingtons located? To what issues do Sir Kensingtons founders need to be particularly sensitive in...
If I purchased some supplies or inputs last year that I used to produce something this year (I pre-paid for seed, for example), when I am calculating this year's accrual income statement I need to:...
A lottery prize gives the winner a choice between (1) $10,000 now and another $10,000 in 5 years, or (2) four $6700 paymentsnow and in 5, 10, and 15 years. a. Which alternative should the winner...
What is the difference between a legal confirmation and a legal representation letter?
In what way are the occurrence and existence assertions similar?
Network forensic analysis. A network forensic analyst is responsible for identifying worms, viruses, and infected nodes in the computer network. A methodology for finding patterns in data that...
2. Question 2 When preparing a financial spread analysis, what should be done when the financial statement captions don't align with those provided in the spread template? 1 point Conform the...
Your company just secured an $6 million contract with a major public-sector client that is expected to generate thousands of jobs over the next 10 years. Describe the scenario as a blog.
Dr. John Gottman's research has been able to accurately predict divorce more than 90% of the time.By carefully studying how couples interact with each other, he identified what are known as "The Four...
Adult Sleep Times (hours) of sleep for randomly selected adult subjects included in the National Health and Nutrition Examination Study are listed below. Here are the statistics for this sample: n =...
For high-energy electron diffraction in a TEM, another estimate of the precision of diffraction angles can be provided by the uncertainty principle: px We do not know the specific plane that scatters...
For the stake of Prob. 2.5, knowing that the tension in one rope is 120 N, determine by trigonometry the magnitude and direction of the force P so that the resultant is a vertical force of 160 N....
The first national bank pays a 4% interest rate compound continuously. The effective annual rate paid by the bank is __________. a. 4.16% b. 4.20% c. 4.08% d. 4.12%
Diamond Construction is an owner-managed entity with contracting revenues of $20 million in 2020. As construction is a labour-intensive industry, one of Diamonds largest expense accounts is labour...
Trillite Ltd. has had strong growth over the past three years. The company is involved in mining in northern Canada. While revenues have been increasing, the costs of mining at its remote locations...
You are the auditor of Sofasellers Ltd., which buys furniture from manufacturers for sale to the public. You have been asked to audit certain aspects of the computerized purchasing and accounts...
Indicate whether the following managerial policy increases the risk of a death spiral:Use of low operating leverage for productionGroup of answer choicesTrueFalse
It is typically inappropriate to include the costs of excess capacity in product prices; instead, it should be written off directly to an expense account.Group of answer choicesTrueFalse
Firms can avoid the death spiral by excluding excess capacity from their activity bases. Group of answer choicesTrueFalse

Explain the difference between the completeness assertion and the existence assertion.

Question:

Step by Step Answer:

The terms completeness assertion and existence assertion are often used in the context of financial ...View the full answer

Auditing A Practical Approach

Students also viewed these Business questions