Question: Assertions: Classification and understandability Completeness Existence and occurence Rights and obligations Valuation or allocation Listed below are the management assertions that are contained in financial

Assertions: Classification and understandability Completeness Existence and occurence Rights and obligations

Assertions:

Classification and understandability

Completeness

Existence and occurence

Rights and obligations

Valuation or allocation

Listed below are the management assertions that are contained in financial statements, and several financial statement misstatements. For each misstatement, select the appropriate assertion by management that is being violated. Misstatements a. The client failed to include in their financial statements inventory that was consigned to others. b. The client had a significant amount of damaged goods that were presented at cost. c. The client failed to describe in the financial statements significant debt restrictions. d. The client recorded receivables that were fictitious

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