n case of erroneous recording or omission of reportable segments , how does it affect the financial position and financial operation.
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In case of erroneous recording or omission of reportable segments , how does it affect the financial position and financial operation.
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- When an event impacts a financial statement element, it should be recognized in the accounting records even if reliability of the amount is questionable. True FalseMisstatements in the financial statements can result from errors or fraud and may consist of any of the following: An inaccuracy in gathering or processing data from which financial statements are prepared. A difference between the amount, classification, or presentation of a reported financial statement element, account, or item and the way that it should have been reflected under GAAP. The omission of a financial statement element, account, or item. A financial statement disclosure that is not presented in conformity with GAAP. The omission of information required to be disclosed in conformity with GAAP. An incorrect accounting estimate due to oversight, misrepresentation of facts, or fraud. Management’s judgments concerning an accounting estimate or the selection or application of accounting policies that the auditor may consider unreasonable or inappropriate. What steps would you take if you discover 1 of the above issues in a routine audit? Would you take…How can a misstatement in one financial statement, whether intentional or not, affect a presentation in another financial statement?
- Which type of audit report specifies that financial statements do not present fairly the financial position, results of operations, and cash flows in conformity with accounting standards? A. Qualified report B. Adverse report C. Unqualified report D. Disclaimer of opinionHow should correction of errors be reported in the financialstatements?Which of the following is FALSE regarding the financial statements?
- What is the historical cost principle and how does it impact financial reporting? Provide an example of how the historical cost principle might lead to distorted financial statements.Which of the following statements is not correct regarding combined statement of financial position errors and income statement errors? a. It does not affect net income. b. It results to misstatement of the statement of financial position. c. It can be classified as counterbalancing errors and non-counterbalancing errors. d. It affects both real and nominal accounts.Something is deemed to be 'material' if its omission, non-disclosure or misstatement is likely to affect economic decisions or other evaluations made by users entitled to rely on the financial statements. Select one alternative: True False
- What are interim reports? Why is a complete set of financial statements often not provided with interim data? What are the accounting problems related to the presentation of interim data?Auditors allocate the preliminary judgment about materiality to financial statement segments rather than to financial statements as a whole. What is the term for the auditor's allocation of preliminary misstatement to account balances? What are three difficulties auditors face when allocating materiality to balance sheet accounts?Materiality arises when a misstatement in the financial statements could affect a decision of areasonable user of the statements.Explain the levels of materiality used for determining the type of opinion.