Listed below are the management assertions that are contained in financial statements, and several financial statement misstatements. For each misstatement, indicate with the appropriate letter the assertion by management that is being violated. Assertion A. existence and occurrence B. completeness C. rights and obligation D. valuation or allocation Misstatement | 23. the client failed to include in their financial statements inventory that was consigned to others. 24. the client had a significant amount of damaged goods that were presented at cost 25. the client failed to describe in the financial E. Presentation and disclosure F. Accuracy and valuation G. Classification and understandability statement significant debt restrictions 26. the client recorded receivables that were fictitious 27. the client failed to pay its obligations to suppliers or failed to control their rights to assets.

Listed below are the management assertions that are contained in financial statements, and several financial statement misstatements. For each misstatement, indicate with the appropriate letter the assertion by management that is being violated. Assertion A. existence and occurrence B. completeness C. rights and obligation D. valuation or allocation Misstatement | 23. the client failed to include in their financial statements inventory that was consigned to others. 24. the client had a significant amount of damaged goods that were presented at cost 25. the client failed to describe in the financial E. Presentation and disclosure F. Accuracy and valuation G. Classification and understandability statement significant debt restrictions 26. the client recorded receivables that were fictitious 27. the client failed to pay its obligations to suppliers or failed to control their rights to assets.

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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