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Unformatted text preview: 9. A client has a defined benefit pension plan and does not have competent employees to write footnote disclosures. 10. A client acquired a subsidiary company and paid a high amount of goodwill when the stock market, and resulting values, were at all-time highs. 11. A client financed the acquisition of assets using preferred stock that pays a 3 percent dividend and must be redeemed from the shareholders next year. Required Identify the assertion for items 1 through 11 above. Answer: The five Assertions are: 1. Existence 2. Completeness 3. Valuation 4. Rights & Obligations 5. Presentation & Disclosure 1. Valuation 2. Completeness 3. Existence 4. Presentation & Disclosure 5. Presentation & Disclosure 6. Completeness 7. Valuation 8. Valuation 9. Rights & Obligations 10. Presentation & Disclosure 11. Rights and Obligations...
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- Spring '11