Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 6, Problem 31DQP
a.
To determine
Explain the differences between management assertions regarding account balances and classes of transactions.
b. and c.
To determine
Indicate whether each assertion is an assertion about account balances or assertion about classes of transactions and events, and also indicate the name of the assertion made by the management.
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Students have asked these similar questions
Which of the following is not a function of an Accounting information system? Select one:
a. The supply of information useful for making decisions.
b. The efficient and effective collection and storage of data concerning an organizations financial activities.
c.The determining and evaluating of alternative courses of action
d. The implementation of controls to accurately record and process data
Which of the following is not a function of an Accounting Information System?
a.The efficient and effective collection and storage of data concerning an organization’s financial activities
b.The supply of information useful for making decisions
c.The determining and evaluating of alternative courses of action
d.The implementation of controls to accurately record and process data.
Which of the following is not a component of an accounting system?
the input source documents
the output reports
the framework for operation of the system
All of these answer choices are components of an accounting system.
Chapter 6 Solutions
Auditing And Assurance Services
Ch. 6 - Prob. 1RQCh. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - Prob. 4RQCh. 6 - Prob. 5RQCh. 6 - Prob. 6RQCh. 6 - Prob. 7RQCh. 6 - What are the six elements of professional...Ch. 6 - What are the five elements of an effective...Ch. 6 - Describe two of the more common judgment traps and...
Ch. 6 - Identify the cycle to which each of the following...Ch. 6 - Why are sales, sales returns and allowances, bad...Ch. 6 - Prob. 13RQCh. 6 - Prob. 14RQCh. 6 - Prob. 15RQCh. 6 - Prob. 16RQCh. 6 - Prob. 17RQCh. 6 - Prob. 18RQCh. 6 - Prob. 19RQCh. 6 - Prob. 20RQCh. 6 - Prob. 21.1MCQCh. 6 - Prob. 21.2MCQCh. 6 - Prob. 21.3MCQCh. 6 - Prob. 22.1MCQCh. 6 - Prob. 22.2MCQCh. 6 - Prob. 22.3MCQCh. 6 - Prob. 23.1MCQCh. 6 - Prob. 23.2MCQCh. 6 - Prob. 23.3MCQCh. 6 - Prob. 24.1MCQCh. 6 - Prob. 24.2MCQCh. 6 - Prob. 24.3MCQCh. 6 - Prob. 25DQPCh. 6 - Prob. 26DQPCh. 6 - Prob. 27DQPCh. 6 - Prob. 28DQPCh. 6 - Prob. 29DQPCh. 6 - Prob. 30DQPCh. 6 - Prob. 31DQPCh. 6 - Prob. 32DQPCh. 6 - Prob. 33DQPCh. 6 - Prob. 34DQP
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Similar questions
- Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.arrow_forwardWhich of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.arrow_forwardInternal users of accounting information would not include _______________________. managers employees creditors officersarrow_forward
- Which management assertion addresses whether the components of the financial statements arc properly classified, described, and disclosed? a. Completeness. b. Existence. c. Rights and obligations. d. Presentation and disclosure. c. None of the above address whether the components of the financial statements arc properly classified, described, and disclosed.arrow_forwardManagement accounting information can be disclosed to outsiders O a . False O b . Truearrow_forwardTrue (t) or False (f) ______ Financial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organiza-tion's operations.arrow_forward
- Which of the following statements about an accounting information system (AIS) is incorrect ?(CPA adapted) a. The information produced by AIS is made available to all levels of management for use in planning andcontrolling an organization’s activities.b. An AIS is best suited to solve problems where there is great uncertainty and ill-defined reportingrequirements.c. An AIS supports day-to-day operations by collecting and storing data about an organization’s transactions d.An AIS provides adequate controls to safeguard the assets, to ensure that the assets and data areavailable when needed, and to ensure that data/information is accurate and reliablearrow_forward1. Indicate whether each of the following statements describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions? The principal users are the organization’s managers? The key focus is on the entity as a whole? The rules and principles are very flexible? The information gathered is usually available after an independent audit has been completed?arrow_forwardWhich of the following statements is incorrect? a.Management accounting focuses mainly on the internal user. b.The information gathered from management accounting is not required by law. c.The practice of management accounting is fairly flexible. d.Reports produced using management accounting must follow GAAP.arrow_forward
- Indicate whether each statement describes financial accounting or managerial accounting.A. The information is directed at external users who are making decisions pertaining to investing,extending credit, and other decisions.B. The principal users are the organization’s managers.C. The key focus is on the entity as a whole.D. The rules and principles are very flexible.E. The information gathered is usually available after an independent audit has been completed.arrow_forwardClassify the following activities as part of the identifying (I), recording (R), or communicating (C) aspectsof accounting. Analyzing and interpreting reportsarrow_forwardDiscuss the significance of accounting systems in generating reliable accounting information andunderstand the five components of internal control.arrow_forward
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