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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. Download Target’s 2021 annual report. Do this in one of two ways: Go to the Target.com website: Annual Reports and Archive (target.com). Make sure you use the 2021 report. Or use the Mergent Online library database: https://guides.rasmussen.edu/mergent. 2. Using Target’s annual report, record your findings in a written report. Use complete sentences in a report format. Double-space your report. The report should be 5 paragraphs. Include a brief introduction, report the requested information from the three paragraphs below, and write a summary paragraph. Include in-text citations and an APA format reference page. There should be at least one reference given for the 2021 annual report. FAQ citing an annual report from Mergent Online FAQ citing an annual report from a website. Paragraph one: The statements start on about page 38. Use the 2021 numbers. Using a table, record the total revenue, operating income, and net earnings for 2021. Using sentences, explain what these numbers…
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Jasmine Thompson AutoSave Document4 Word O Search B Share Comment File Insert Draw Design Layout References Mailings Review View Help Home O Find X Cut Calibri (Body) A A Aa A EE v E EE T AaBbCcDd AaBbCcDd AaBbC AABBCCC AaB AaBbCcD AaBbCcDd AaBbCcDd v 12 S Replace Dictate Editor Copy Paste Emphasis BIU ab x, x' A ~ A EEEE E - 1 Normal 1 No Spac. Heading 1 Heading 2 Title Subtitle Subtle Em... A Select V Format Painter Styles Editing Voice Editor Clipboard Font Paragraph 3 4 5. 6. 1 2. In Year 2, Chalon Company records the payment of $450 cash for an expense accrued in Year 1 and records the accrual of $425 for another expense. Additionally, Chalon Company pays $475 for supplies that were purchased in Year 1 on account. The impact of these three entries on Year 2 total expenses and total liabilities is: Total Expenses Liabilities a. increase by $425 decrease by $500 b. increase by $450 decrease by $25 c. increase by $425 increase by $25 d. increase by $900 decrease by $500 e. increase…
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Approved CAE_BSA BSMA BSAIS BSIA_ACC 124_Sombilon.Aguilar (1).pdf - Foxit Reader File Home Comment Fil & Sign View Form Protect Share Connect Help Tell me what you want to do... Find O SnapShot B Clipboard O Fit Page TI T 110.51% A Link File Attachment D Fit Width D Fit Visible Rotate Left Bookmark Le Image Annotation Hand Select Actual Reflow Typewriter Highlight Rotate Right | Audio & Video Size Tools View Comment Links Insert PDF 4 Word Convert Start Approved CAE_BSA BS... PDF 2 Word DAIF checks of customers returned by bank Error in recording a check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in the book The correct cash balance under current assets on December 31, 2019 is 500,000 100,000 Problem 11 The accounts of DMCI Holdings, Inc. revealed the following facts on August 31,2019. Balance of bank statement 1,200,000 Outstanding checks, August 31: Number 555 10,000 55,000 40,000 25,000 65,000 70,000 275,000 761 UM 762 763 764 765…
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