List five main assertions that can be used in practice, and give an example of each assertion

Question:

List five main assertions that can be used in practice, and give an example of each assertion for these accounts/transactions: Cash, Accounts Payable, Revenues.

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

Step by Step Answer:

Related Book For answer-question

Auditing An International Approach

ISBN: 978-1259087462

7th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

See More Books

Question Posted: Jun 20, 2019 10:16 AM

See More Questions

Give an example of each type of demand.
Briefly explain the five principal assertions that can be made about assets and liabilities, and auditors objectives related to each.
Briefly explain the five principal assertions that can be made in managements financial statements, and then describe the auditors objectives related to each.
5.8 Calculate the U value for the following double- glazed windows assuming the temperatures and the heat transfer coefficients as given in Example 5.1: (a) Ordinary glass with vacuum between the...
Let (a) Show that {z1, z2} is an orthonormal set in C2. 1 +i and 22
Find all the roots of the given equations. x 4 + j = 0
At 3:00 a.m. on November 22, 2010, 16-year-old Sydney McLemore was driving a Mazda3 with her friend, Natalie Hurst, in the front passenger seat. The vehicle was traveling south on Ross Bridge Highway...
(Amortization of Accumulated OCI Balances) Keeton Company sponsors a defined-benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. The...
Discuss the effects of all five major accounting assumptions on the accounting process
What advice would you give to the government if there are episodes where the market for housing is not performing normally, for example where both quantity and price are co-moving
What does the term assertion mean in financial statement auditing? What are the different aspects of financial statements that assertions relate to?
How is it helpful to an auditor to apply the assertions to the classes of transactions, account balances, and disclosures in the financial statements? Discuss how assertions are useful in the risk...
1. A profit-maximizing firm picks the quantity of output at which ______ equals ______. 2. Arrows up or down: At a firms current level of output, marginal revenue exceeds the marginal cost. The firm...
Which of the following would not have a FIFO queue discipline? a. Fast-food restaurant b. Post office c. Checkout line at grocery store d. Emergency room at a hospital
What is the vector of state probabilities? Where can it be found in a process?
Can policymakers minimize tax avoidance? How?
Why is it important to consider arrival characteristics in a queuing system?
What is the equilibrium condition? Give a working definition of it.
Critical Thinking Consider the numbers (a) Compute the mode, median, and mean. (b) If the numbers represent codes for the colors of T-shirts ordered from a catalog, which average(s) would make sense?...
Design an experiment to demonstrate that RNA transcripts are synthesized in the nucleus of eukaryotes and are subsequently transported to the cytoplasm.
What is the essence of the risk reduction definition of auditiong.
What is auditing? What condition creates demand for audits of financial reports?
What is the difference between a client and an auditee? What are the three parties in three-party accountability?
Convert the following decimal numbers to binary a. 256 b. 45 C. 9871
Explain the impact cultural diversity has on the group process in counseling.
task: write a 6-8 line algorithm for a program that accomplishes the following The program asks the user to input a numeric year, month, and day. The program then says what day of the week it was on...

List five main assertions that can be used in practice, and give an example of each assertion

Question:

Step by Step Answer:

The five main assertions are existence completeness ownership valuation and presentation For Cash an account balance the five assertions are The cash ...View the full answer

Auditing An International Approach

Students also viewed these Business questions