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Specific balance-related audit objective Accounts receivable are appropriately aggregated and clearly described in the financial statements. All accounts on the list arose from the normal course of business and are not due from related parties. g. h. Sales cutoff at year end is proper. i. f. Receivables have not been sold or discounted. Management assertion 6. Presentation 3. Accuracy, valuation, and allocation 2. Completeness 5. Rights and obligations

Specific balance-related audit objective Accounts receivable are appropriately aggregated and clearly described in the financial statements. All accounts on the list arose from the normal course of business and are not due from related parties. g. h. Sales cutoff at year end is proper. i. f. Receivables have not been sold or discounted. Management assertion 6. Presentation 3. Accuracy, valuation, and allocation 2. Completeness 5. Rights and obligations

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Specific balance-related audit objective Accounts receivable are appropriately aggregated and clearly described in the financial statements. All accounts on the list arose from the normal course of business and are not due from related parties. f. g. h. i. Sales cutoff at year end is proper. Receivables have not been sold or discounted. Management assertion 6. Presentation 3. Accuracy, valuation, and allocation 2. Completeness 5. Rights and obligations
Transcribed Image Text:Specific balance-related audit objective Accounts receivable are appropriately aggregated and clearly described in the financial statements. All accounts on the list arose from the normal course of business and are not due from related parties. f. g. h. i. Sales cutoff at year end is proper. Receivables have not been sold or discounted. Management assertion 6. Presentation 3. Accuracy, valuation, and allocation 2. Completeness 5. Rights and obligations
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