Question
1- . Cost of sales was understated due to an inventory year-end count error that lead to an overstatement in ending inventory. What management assertions
1- . Cost of sales was understated due to an inventory year-end count error that lead to an overstatement in ending inventory. What management assertions have been violated with respect to Cost of Sales and to Inventory at year end? Explain your answer
2-The company paid its hydro bill on January 8, 2022 for electricity it consumed in December 2021. The company recorded the payment in the books of the company in 2022 as an expense. What management assertion has been violated? Explain your answer.
3-The company purchased 5 year bonds which it intends to hold to maturity. The company reported these bonds in with its Investments at FVTPL. What management assertion has been violated? Explain your answer
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