Old MathJax webview

Old MathJax webview

1. Identify the following misstatements: a. Ten shares were reported missing. b. The common stock investment of 25% in affiliated companies is accounted for on a cost basis. c. Gains on sale of securities are reported net after tax. d. Marketable equity securities are reported at cost, which is above market value. e. Authorized purchases are recorded at cost, and brokerage fees are charged. f. The list of securities does not match the general ledger accounts. g. A mathematical error is made to recognize the interest earned. h. Securities that are pledged as collateral for bank loans are not disclosed.

Questions: a) Identification of substantive test to detect the misstatement. b) Identify the financial statement assertions of each misstatement. c) Identify the types of evidence that can be obtained from substantive tests.

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