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Provide the applicable assertion that applies to the statement with the applicable assertion. An assertion can used more than once or not at all. Each
Provide the applicable assertion that applies to the statement with the applicable assertion. An assertion can used more than once or not at all. Each statement only has 1 assertion that applies (10 marks) Assertion List Accuracy Classification Completeness Cut-off Existence Occurrence Rights and obligations Valuation a Sales increased substantially during the year compared to the prior year. Choose... . During the inventory count, the auditor found a box of televisions in the warehouse that did not appear on the inventory listing. Choose... The company's cash balance has increased substantially compared to prior year. Choose... . The company's payroll has increased by 25% compared to the prior year. Choose.. . The bank uses the company's accounts receivable as collateral for their operating loan. Choose... Choose... The auditor is concerned that there might be damaged equipment. The company's gross profit increased by 25% during the year, but administrative expenses also increased by 25% during the year. Gross profit is a key metric for management's bonus. Choose... The company has not recorded any balance for allowance for doubtful accounts Choose... . Choose... The company made a large amount of sales right before year-end
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