Chapter 5 Homework

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School
Trine University **We aren't endorsed by this school
Course
AC 5003
Subject
Accounting
Date
Nov 14, 2023
Pages
5
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1 Chapter 5 Homework Muhammad anas Durvesh Trine University AC---5003-OL2--OL-FA-2023 - Advanced Auditing Dr. LeKeicha Scott
2 Chapter 5 Homework Problem 5-30 on page 169 Management Assertion Description Existence or occurrence - #4. The assets and liabilities exist, and the recorded transactions have occurred. b) Rights and obligations - #3 The assets are the rights of the entity, and the liabilities are its obligations. c) Completeness - #1 The accounts and transactions that should be included are included; thus, the financial statements are complete. d) Valuation or allocation - #2 Assets, liabilities, equity, revenues, and expenses are appropriately valued and are allocated to the proper accounting period. Problem 5-32 on page 169 Question Type of audit procedure A 5 B 1 C 1/7 D 4 E 8 F 2 G 3 H 7 I 5 J 1/7 K 9 Problem 5-33 on page 170 Question
3 a Account balances Primary Assertion Valuation and Allocation b Transactions & events Primary Assertion Cutoff c Account balances Primary Assertion Completeness d account balances Primary Assertions: valuation and allocation e Account Balances Primary Assertions valuation and allocation f Account balances Primary assertions Existence g Account balances Primary assertions Existence & completenes i Account balances Primary Assertion Valuation and Allocation j Transaction and events Primary assertion Valuation and Allocation k Account balances Primary Assertion Valuation and Allocation Problem 5-35 on page 170 A Document Evidence Reliability Duplicate copies of sales invoices Internal moderate Purchase orders Internal moderate Bank statements External high
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