Give a full and detailed explanation of how the assertion of Cut Off would be proved for the monthly lease revenue accounts. It is now the end of July, and you are finalizing the audit. On 15th July, one of GC’s investment properties was having the foundations dug for a new garage, when the adjacent house slipped into the foundation hole and was destroyed. GC would normally be considered responsible for the event but insurance does not cover the huge amount of loss, and there is an extreme material discrepancy between the expected insurance payout and the loss.

Answer rating: 100% (QA)

Cutoff This implies that exchanges and occasions have been recorded in the right bookkeeping periodfor instance if products are conveyed preceding year end they are remembered for the expense of merch... View the full answer