Question 18Which of the following statements is true regarding assertions in the revenue cycle? All five assertions presented are equally important Under normal audit risk conditions the occurrence assertion would be more relevant than the completeness assertion Audit evidence about the existence of revenues is also the most appropriate evidence about the valuation of accounts receivable The allowance for uncollectible accounts has important implications for the ownership assertion for accounts receivable

under normal audit risk conditions the occurrence assertion would be more relevant than the…

Answered: Which of the following statements is…

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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Question 18

Which of the following statements is true regarding assertions in the revenue cycle?

		All five assertions presented are equally important
		Under normal audit risk conditions the occurrence assertion would be more relevant than the completeness assertion
		Audit evidence about the existence of revenues is also the most appropriate evidence about the valuation of accounts receivable
		The allowance for uncollectible accounts has important implications for the ownership assertion for accounts receivable

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