Question: Consider the following substantive procedures. For each substantive procedure, select the assertion ( s ) for which the substantive procedure is designed to detect misstatements.
Consider the following substantive procedures. For each substantive procedure, select the assertions for which the substantive procedure is designed to detect misstatements. You may use an assertion below more than once.
a Inspect activity in all longterm debt and related income statement accounts and investigate entries that appear unusual in amount or source.
b Confirm equity transactions with the company's registrar or transfer agent.
c Inspect authorizations and terms of stock issues.
d Compare financial statement presentation with GAAP for debt disclosures.
Existence and completeness of longterm debt.
All equity assertions.
Completeness of longterm debt.
Existence and completeness of longterm debt.
Existence, completeness, and valuation and allocation of equity.
Occurrence, accuracy, cutoff, and classification debt.
Occurrence, completeness, accuracy, cutoff, and classification of equity.
Occurrence, accuracy, and cutoff of debt transactions.
Occurrence and rights and obligations for debt.
e Scan the cash receipts journal for large, unusual cash receipts.
f Vouch a sample of entries in the longterm debt and related interest expense accounts.
Occurrence, accuracy, cutoff, and classification debt.
g Calculate appropriate equity ratios.
All equity assertions.
h Confirm interest expense and recalculate as necessary.
Occurrence, accuracy, and cutoff of debt transactions
Please please give me correct answer.
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