Specific balance-related audit objective Accounts receivable are appropriately aggregated and clearly described in the financial statements. All accounts on the list arose from the normal course of business and are not due from related parties. g. h. Sales cutoff at year end is proper. i. f. Receivables have not been sold or discounted. Management assertion 6. Presentation 3. Accuracy, valuation, and allocation 2. Completeness 5. Rights and obligations
Specific balance-related audit objective Accounts receivable are appropriately aggregated and clearly described in the financial statements. All accounts on the list arose from the normal course of business and are not due from related parties. g. h. Sales cutoff at year end is proper. i. f. Receivables have not been sold or discounted. Management assertion 6. Presentation 3. Accuracy, valuation, and allocation 2. Completeness 5. Rights and obligations
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Specific balance-related audit objective
Accounts receivable are appropriately aggregated and clearly described in
the financial statements.
All accounts on the list arose from the normal course of business and are
not due from related parties.
f.
g.
h.
i.
Sales cutoff at year end is proper.
Receivables have not been sold or discounted.
Management assertion
6. Presentation
3. Accuracy, valuation, and allocation
2. Completeness
5. Rights and obligations
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