Examples of violation to notes on financial statements

Q: What is the principal of a note?

A: A note is a promise to pay a specific amount of money to the payee on a future date. It is a…

Q: Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate…

A: Off-balance-sheet items seem to be those items that do not show up on a company's balance sheet.…

Q: On a classified balance sheet, allowance for uncollectible accounts would be classified among

A: A balance sheet is a statement which provides financial data related to the assets, liabilities and…

Q: The entry to eliminate the receipt of intercompany note receivable includes debit to Note payable  .…

A: Intercompany note receivable: When there is a transaction between parent and subsidiary company that…

Q: Explain promissory notes?

A: Promissory note refers to a signed written document that contains an unconditional promise to pay…

Q: What necessary steps should be taken by the bank if they classify an account as unsatisfactory?

A: Generally in the following cases bank classify particular account as unsatisfactory account: 1.When…

Q: What would signify the net amount that a business foresees to receive when the allowance method of…

A: Allowance method indicates the computation of estimated bad debts which the company expected to…

Q: How are the balance sheet and income statement affected by fair value accounting?

A:

Q: Outline revenue recognition criteria under modified accrual accounting

A: Modified accrual accounting: The standards for this approach are set by the Government Accounting…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.