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Assertions: A. A Cutoff B. Accuracy C. Completene D. Existence E. Valuation

Assertions: A. A Cutoff B. Accuracy C. Completene D. Existence E. Valuation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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12-33 23 For each situation, identify the management assertion(s) most likely affected. Assertions: A. Cutoff В. Ассигасу C. Completeness D. Existence E. Valuation Е. Осситепce Situations Assertion(s) (A,B.C.D,E.F) Orders are shipped to a customer with a bad credit rating. Consignment sales are recorded as revenue. Defective products are shipped to customers. Revenues are recorded at full amount (price). Subsequent-period revenue is recorded in the current period. Sales are recorded for the incorrect quantity. Revenue is recorded when goods have not been delivered. Cash sales were accidentally omitted and not recorded. Sales are recorded twice (duplicated). Goods are shipped that were never ordered by the customer.
Transcribed Image Text:12-33 23 For each situation, identify the management assertion(s) most likely affected. Assertions: A. Cutoff В. Ассигасу C. Completeness D. Existence E. Valuation Е. Осситепce Situations Assertion(s) (A,B.C.D,E.F) Orders are shipped to a customer with a bad credit rating. Consignment sales are recorded as revenue. Defective products are shipped to customers. Revenues are recorded at full amount (price). Subsequent-period revenue is recorded in the current period. Sales are recorded for the incorrect quantity. Revenue is recorded when goods have not been delivered. Cash sales were accidentally omitted and not recorded. Sales are recorded twice (duplicated). Goods are shipped that were never ordered by the customer.
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