Acct 3222 exam 2 - Study guides, Class notes & Summaries

Assertion correct answer: Statement or representation, explicit or implicit, made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements and notes Relevant assertion correct answer: An assertion that has a reasonable possibility of containing a material misstatement or misstatements that would cause the financial statements to be materially misstated and, therefore, has a meaningful impact on whether the account is fa...

ACCT 3222 Exam 2 With 100% Correct Answers 2024

ACCT 3222 Exam 2 Key Terms with complete solutions. Assertion ️ Statement or representation, explicit or implicit, made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements and notes Relevant assertion ️ An assertion that has a reasonable possibility of containing a material misstatement or misstatements that would cause the financial statements to be materially misstated and, therefore, has a meaningful impa...

ACCT 3222 Exam 2 With 100% Correct Answers 2024/ACCT 3222 Exam 2 Key Terms. Assertion Statement or representation, explicit or implicit, made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements and notes Relevant assertion An assertion that has a reasonable possibility of containing a material misstatement or misstatements that would cause the financial statements to be materially misstated and, therefore, has a m...

ACCT 3222 Exam 2 Wiley with complete solutions. Completeness ️ All transactions, events, and disclosures that should have been recorded have been recorded Proper Period Cutoff ️ Transactions and events have been recorded in the correct (proper) accounting period Accuracy ️ Amounts and other data relating to recorded transactions and events have been recorded appropriately; related disclosures/notes have been appropriately, measured and described Classification ️ Transactions and...

Assertion correct answers Statement or representation, explicit or implicit, made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements and notes Relevant assertion correct answers An assertion that has a reasonable possibility of containing a material misstatement or misstatements that would cause the financial statements to be materially misstated and, therefore, has a meaningful impact on whether the account is fair...

ACCT 3222 Exam 2 Wiley Questions and Correct Answers, With Complete Solution. 2024. 1. Transactions and Events and Related Disclosures 2. Account Balances and Related Disclosures Two categories of assertions made by management: Income statement focused WCGW the assertion "Transactions and Events and Related Disclosures" is _____________ focused and assists in determining ______________________ balance sheet focused the assertion "Account Balances and Related Disclosures" is _____...

ACCT 3222 Exam 2 Wiley Questions with 100% Correct Answers 2024 substantive procedures - answer______________________required to perform for all relevant assertions The nature of substantive procedures - answerthe most important factor when responding to assessed risks assessed level of risk - answerFactors when determining which procedure to perform: ____________________ when there is a significant risk, then RMM is high which means you need more evidence. auditors are required to perf...

ACCT 3222 Exam 2 Questions with Correct Answers 2024 What are the 2 categories of assertions? - answer1. Transactions & Events & Related Disclosures [ Income statement] 2. Accouont Balances & Related Disclosures [Balance Sheet] Transactions and events and related disclosures - answerCPA COP Completeness Proper Period Cutoff Accuracy Classification Occurrence Presentation Account Balances and Related Disclosures - answerCARE PC Completeness Accuracy Rights and Oblig Existence Pre...

ACCT 3222 Exam 2 Wiley Questions with 100% Correct Answers 2024 substantive procedures - answer______________________required to perform for all relevant assertions The nature of substantive procedures - answerthe most important factor when responding to assessed risks assessed level of risk - answerFactors when determining which procedure to perform: ____________________ when there is a significant risk, then RMM is high which means you need more evidence. auditors are required to perf...