Complete the table with assertion, and recommended audit procedure that apply: Possible Assertion Audit Procedures Misstatement Cash is understated because not all cash receipts are recorded or disbursement were not recorded. Cash is overstated because the entity does not have legal title or similar right of ownership to amounts reflected in the accounts. Restrictions on the availability of funds are not properly disclosed.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Complete the table with assertion, and recommended audit procedure that apply:
Possible
Assertion
Audit Procedures
Misstatement
Cash is understated
because not all cash
receipts are recorded
or disbursement
were not recorded.
Cash is overstated
because the entity
does not have legal
title or similar right
of ownership to
amounts reflected in
the accounts.
Restrictions on the
availability of funds
are not properly
disclosed.
Transcribed Image Text:Complete the table with assertion, and recommended audit procedure that apply: Possible Assertion Audit Procedures Misstatement Cash is understated because not all cash receipts are recorded or disbursement were not recorded. Cash is overstated because the entity does not have legal title or similar right of ownership to amounts reflected in the accounts. Restrictions on the availability of funds are not properly disclosed.
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