Look at the financial statements of a major public company. Pick three accounts and discuss the financial

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Look at the financial statements of a major public company. Pick three accounts and discuss the financial statement assertions that might be associated with those accounts. For example, the financial statement assertions might be associated with ‘Accrued Product Liability’ are valuation, existence, completeness and understandability. Valuation relates to product liability because a judgement (estimate) must be made regarding the expected cost of defective products.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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