Explain why completeness is a more critical assertion for long-term debt than for cash, inventory, or PPE.

Question:

Explain why completeness is a more critical assertion for long-term debt than for cash, inventory, or PPE. What procedures are primarily designed to address the completeness assertion for long-term debt?

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

Step by Step Answer:

Related Book For answer-question

Auditing A Practical Approach with Data Analytics

ISBN: 978-1119401742

1st edition

Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton

See More Books

Question Posted: Jan 10, 2020 07:46 AM

See More Questions

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...
This case will enable you to practice conducting planning and substantive analytical procedures for accounts in the acquisition and payment cycle. When analyzing the financial data, you may assume...
Management Assertions Your first step in learning to audit is to understand and be able to identify management assertions for events and transactions. You will need to be able to relate these to...
Comparative income statements are available for Johanna's Fine Furs: Required Perform horizontal and vertical analyses on each of the items in the above comparative income statements. Round...
A hydrogen atom can be considered as having a central point like proton of positive charge e and an electron of negative charge -e that is distributed about the proton according to the volume charge...
Which statement(s) is/are correct? Statement A: The DDL compiler compiles data definitions specified in DDL. It is possible that there is only one DDL with three instruction sets. Statement B: The...
The codon change (Gly-12 to Val-12) in human H-ras that converts it to oncogenic H-ras has been associated with many types of cancers. For this reason, researchers would like to develop drugs to...
1. Describe Samsung as a conglomerate. What type of diversification does Samsung pursue? 0Identify possible factors such as core competencies, economies of scale, and economies of scope that might...
1. (3 points) Find the outcome of the Borda rule for the following 3-voter profile: >1 >2 >3 b b a a a b d d d Is there a profitable manipulation for the 3rd voter?
Kimber Co. is in the process of liquidating and going out of business. The firm?s accountant has provided the following balance sheet and additional information: It is estimated that all but 20...
From year one to year two, the ratio of sales to fixed assets declined significantly. This is a possible indication that: a. The client is over depreciating fixed assets. b. The client is...
Explain the importance of obtaining confirmations regarding notes payable.
Rivers Manufacturing Inc. has the following flexible budget formulas and amounts: Sales...................................................................... $ 20 per unit Direct...
Analyse how well William Bratton managed paradoxes to embrace both/and leadership and transcend either/or thinking. The paradoxes being: Are we managing for today or tomorrow? Do we adhere to...
Post Starbucks 3 years' Earnings per Share (EPS) and comment on significant trends and why you think that happened. Describe the concept of earnings quality and earnings management. Search the...
Users of financial statements use analytical methods as well as ratios to interpret a company's financial condition. Briefly explain what these are and give an example of how they each help a user...
Analyze a company's software portfolio (your company, or a company you are familiar with). Describe the potential benefits and risks the company could expect from implementing a SaaS solution. If a...
Homework: Chapt... The income statement and additional data of Supplements Plus, Inc. follows: (Click the icon to view the income statement.) Click the icon to view the additional data.) Question 8,...
There are two errors in the following trial balance: (1) One account has been placed in the wrong column, and (2) There is a transposition error in the balance of the L. Bourque, Capital account....
Classify each of the following as direct costs or indirect costs of operating the Pediatrics ward for children at the Cleveland Clinic: a. Wi-Fi covering the entire hospital campus b. Net cost of...
What business benefits do cloud computing services provide? What problems do they solve?
What are the disadvantages of cloud computing ?
What kinds of businesses are most likely to benefit from using cloud computing? Why ?
How could you proceed to find out how many of the eligible people would actually join the new chapter? Be specific about your methods of gathering data.
Discuss the role of linear programming in capacity planning and how it can be used to determine optimal production levels.
Prices of Athletic Shoes Prices (in dollars) of mens, womens, and childrens athletic shoes are shown. At the 0.05 level of significance, can it be concluded that there is a difference in mean price?

Explain why completeness is a more critical assertion for long-term debt than for cash, inventory, or PPE.

Question:

Step by Step Answer:

The auditor is normally concerned about the understatemen...View the full answer

Auditing A Practical Approach with Data Analytics

Students also viewed these Business questions