Question: Select from the option list provided the substantive audit procedure that primarily addresses each relevant assertion. Select only one procedure for each assertion. Each procedure

Select from the option list provided the substantive audit procedure that primarily addresses each relevant assertion. Select only one procedure for each assertion. Each procedure may be selected only once or not at all. Represent the relevant financial statement assertions for the investments account. Relevant assertion for investments Substantive procedure - investments 1. Investments are properly presented and described. 2. Recorded investments represent investments actually owned at the balance sheet date. 3. Available-for-sale securities are properly measured at fair value at the balance sheet date. Represent the relevant financial statement assertions for accounts receivable. Relevant assertion for accounts receivable Substantive procedure - accounts receivable 4. Accounts receivable represent amounts owed to the entity up to the balance sheet date. 5. The entity has a legal right to all accounts receivable at the balance sheet date. 6. Accounts receivable are stated at net realizable value. 7. Accounts receivable are properly presented and described in the financial statements. Represent the relevant financial statement assertions for the property and equipment account. Relevant assertion for property and equipment Substantive procedure - property and equipment 8. The entity has a legal right to property and equipment acquired during the year. 9. Recorded property and equipment

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