A2 Twatt - Chapter 2 Tiffany Watt Assignment: A2 September...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 2 Tiffany Watt Assignment: A2 September 9, 2011 AC 405 – E01 2-32. For each of the following accounts, list the five management assertions from most to least important for that account. State the reason justifying your order. Cash is completed as an example. (b) Long term debt – 1. Completeness; 2. Valuation; 3. Presentation and disclosure; 4. Rights; 5. Existence. (c) Officer salary expense paid through stock options – 1. Completeness; 2. Valuation; 3. Presentation and disclosure; 4. Rights; 5. Existence. (d) Sales revenue – 1. Existence; 2. Valuation; 3. Presentation and disclosure; 4. Completeness; 5. Rights. (e) Accounts receivable – 1. Existence; 2. Valuation; 3. Rights; 4. Presentation and disclosure; 5. Completeness. (f) Property, plant, and equipment – 1. Existence; 2. Valuation; 3. Rights; 4. Presentation and disclosure; 5. Completeness. 2-34. Match the terms and descriptions. B – Management assertion; F – Appropriate; E – Design and operating; A – Negligence; D – Material; G
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/02/2012 for the course BUSINESS 101 taught by Professor - during the Spring '11 term at Mississippi Valley State University.

Ask a homework question - tutors are online