Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Textbook Question
Chapter 10, Problem 4CYBK
Which of the following assertions is relevant to whether the cash balances reflect the true underlying economic value of those assets?
a. Existence/occurrence.
b. Completeness.
c. Rights and obligations.
d. Valuation or allocation.
e. All of the above.
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Can you explain the importance of the correct determination of an asset’s value and its effect on one of the financial statements.
c. Distinguish between financial assets and real assets for each of the followingcharacteristics.
i. Divisibility
ii. Marketability
iii. Holding period
iv. Information availability
Identify the asset from the following?
A. Cash and Cash equivalents
B. Creditors
Chapter 10 Solutions
Auditing: A Risk Based-Approach (MindTap Course List)
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