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Audit Assertions and Reporting: Key Concepts and Applications

This paper explores audit assertions and reporting, explaining their importance in financial auditing.

Emma Thompson
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Audit Assertions and Reporting: Key Concepts and ApplicationsAccounting Final Exam 35 MCQsQuestion1Not yet answeredMarked out of 8.00Question textWhich ASB balance assertion is of the most importance to auditors for long-termliabilities?Select one:a. Existenceb. Rights & Obligationsc. Valuationd. CompletenessQuestion2Not yet answeredMarked out of 8.00Question textWhich of the following management assertions for long-term liabilities is related to the ASBbalance assertion of completeness?Select one:a. All material long-term liabilities are recorded.b. Disclosures of maturities for the next five years are accurate and adequate.c. Terms, conditions, and restrictions relating to noncurrent debt are adequately disclosed.d. New long-term liabilities and debt extinguishments are properly authorized.Question3Not yet answeredMarked out of 8.00Question textIn the audit of notes payable, an auditor testing the ASB balance assertion of accuracy andvaluation mostlikely wouldSelect one:a. Select a sample of notes payable and vouch cash receipt to the bank statement.b. Read directors' and finance committee's minutes for authorization of financing transactions.c. Select a sample of paid notes and trace interest expense to the general ledger account.d. Select a sample of paid notes and recalculate interest expense for the period under audit.Question4Not yet answeredMarked out of 8.00Question textDuring an audit of an entity's stockholders' equity accounts, the auditor determines whether thereare restrictions on retained earnings resulting from loans, agreements, or state law. This auditprocedure most likely is intended to verify the ASB presentation and disclosure assertion of

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