Question 2: (C1&C2)(5 Marks) Indicate the category of Assertions for each statement below: 1- Recalculate...
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Accounting
Question 2: (C1&C2)(5 Marks) Indicate the category of Assertions for each statement below: 1- Recalculate the allowance of Accounts receivables. 2- Inspect Bank statement in the client's file. 3- Liens on the inventories are properly disclosed in notes of the financial statements. 4- The client has legal title to the inventories. 5- Inventories are properly stated at lower of cost or market. 6- Inventory quantities include all products, materials, and supplies on hand. 7- Accounts receivables are properly classified in the balance sheet as current assets. 8- Vouch sales journal entries to sales invoices. 9- Inspect securities on hand. 10- Trace sales invoices to account receivable ledger. No. Type of category 1 2 3 4 5 5
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