ACCG340 HW 3.docx - Abu Umama Asad 44662947 ACCG340...

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Abu Umama Asad 44662947 ACCG340 Homework -3 Q 4.18 p.190 a Goods were correctly measured but recorded incorrectly, resulting in more expense than the actual amount The account effected is Inventory, a balance sheet item. The key assertions are given below. Key Assertion At risk/not at risk Explanation Rights and obligation Not at risk Owned by the company Valuation and Allocation At risk Inventory overstated. Wrong Stock Code Existence At risk Material misstatement. More expense than actual because of wrong stock code. Completeness At risk Incorrect recording of goods. b Double count of shipping stock will most likely lead to disruptions in the Inventory account Key Assertion At risk/not at risk Explanation Rights and obligation Not at risk Owned by company Valuation and Allocation At risk Inventory overstated Existence At risk Risk of material misstatement as double counting will create inventories that does not exist. Completeness At risk Double count of inventory; Inventory was not reduced
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Abu Umama Asad
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