Question: Three key management assertions about items on the balance sheet are: Occurrence, completeness and accuracy. Classification, existence and cut-off. Confirmation, presentation and disclosure. Existence, completeness

Three key management assertions about items on the balance sheet are:

  1. Occurrence, completeness and accuracy.
  2. Classification, existence and cut-off.
  3. Confirmation, presentation and disclosure.
  4. Existence, completeness and presentation.

Step by Step Solution

★★★★★

3.42 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

In auditing and accounting there are key assertions related to the financial statement items on the ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The following items appear on the balance sheet of Lawless Company at the end of 2008 and 2009: Required: Between 2008 and 2009, indicate whether Lawless Companys debt-to-equity ratio increased or...

Q:

The following items appear on the balance sheet of Figgins Company at the end of 2010 and 2011: Required: Between 2010 and 2011, indicate whether Figgins debt-to-equity ratio increased or decreased....

Q:

The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a...

Q:

Indicate the most applicable assertations. Use only one letter for each item. assertions about classes of transactions and events : a) Occurrence B)completeness c) Accuracy D)Classification E)...

Q:

Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and valuation -existence, rights, and cutoff -existence, rights, and obligations...

Q:

Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and valuation -existence, rights, and cutoff -existence, rights, and...

Q:

II. Indicate the most applicable of each of the following assertions. Use only ONE letter for each item. Assertions about Classes of Transactions and Events: A. Occurrence D. Classification B....

Q:

P 9-4 The following is a brief description of the financial statement asser- tions from PCAOB Auditing Standards Section AU 326, Evidential Matter: A. Existence or occurrence: Assets or liabilities...

Q:

The following is a brief description of the financial statement assertions from PCAOB Auditing Standards Section AU 326, Evidential Matter: A. Existence or occurrence: Assets or liabilities of the...

Q:

Multiple Choice 1. Which of the following questions would an auditor most likely include on a control questionnaire for notes payable? a. Are assets that collateralize notes payable critically needed...

Q:

On May 7, Carpet Barn Company offered to pay $83,000 for land that had a selling price of $ 105,000. On May 15, Carpet Barn accepted a counteroffer of $95,000. On June 5, the land was assessed at a...

Q:

The following data are for Paso Robles Company for the year ended 2009 December 31: COSTS : DIRECT MATERIAL$90000 DIRECT LABOR130000 MANUFACTURING OVERHEAD : VARIABLE45000 FIXED90000 SALES COMMISSION...

Q:

The analyzing of organizations in the lens of this theory features the use of asking questions in order to gage the health of the organization. One of the questions often asked with the use of this...

Q:

You have configured a switch. You have set the IP on VLAN500. The uplink port which is connected t the router is also in VLAN500. You have just connected 3 devices to the switch ports. The devices...

Q:

Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $215,000. He sold the home on January 1, 2023, for $242,900. How much gain must Troy recognize on his home sale in...

Q:

6. Assume the following HFC corporate bond trades on the GSE has a face value of GH1000 Bond HFC 9s29 Current yield ? Volume 500 Close 10512 Net change -14 a. How much does this bond pay every six...

Q:

Which of the following are common symptoms of malware infection? A Different display resolution B Keyboard doesn't work C Unusual graphics or messages appear onscreen D Altered or renamed system...

Q:

In your readings, there were many examples given for nurturing close family relationships in this ever-evolving technological society we live in Based upon your readings and research describe three...

Q:

Brandon Oil Company recently purchased oil and natural gas reserves in a remote part of Alaska for $800,000. Brandon spent $10,000,000 preparing the oil for extraction from the ground. Brandon...

Q:

The following comparative percentage income statements and balance sheets are available for Charger Products: Required: 1. Explain why income from operations decreased in 2008 and 2009 while sales...

Q:

Refer to the Jasper Company information provided in Exercise 13-44. Required: 1. Calculate the sales revenue for last year. 2. Prepare an income statement for Jasper Company for last year.

Q:

Have you had the experience of fumbling for words to describe something that you were feeling or something that happened to you? Do you think Muted Group Theory explains that experience for you? Why...

Q:

Giles contends that self-perception can influence the accommodation process. How does a persons self-perception affect accommodation? Provide examples to illustrate your thoughts.

Q:

Take a position on the essentialist argument relative to Standpoint Theory, and defend your position.