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Exam 1 Practice - Assertions BMGT 422 Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+
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Exam 1 Practice - Assertions BMGT 422 Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+ Exam 1 Practice - Assertions BMGT 422 Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+ Exam 1 Practice - Assertions BMGT 422 Questions...

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  • April 15, 2025
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • exam 1 practice assertions bmgt 422 questions wi

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  • BMGT 422
  • BMGT 422

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Exam 1 Practice - Assertions BMGT 422 Questions with
Detailed Verified Answers (100% Correct Answers)
/Already Graded A+
When auditing the accounts receivable account on the Balance Sheet, an
auditor's procedures most likely would focus primarily on management's
assertion of:
Ans: existence


Identify the PCAOB audit objective:


Obtain evidence that the securities are bona fide and held by Spillane or a
Exampromax - Stuvia US




responsible custodian and Obtain evidence that the loan transaction and
securities purchase transactions actually took place during the year under
Approved By:




audit.
Ans: Existence and Occurrence


Identify the PCAOB audit objective:


Obtain evidence that all the securities purchase transactions were recorded.
Ans: Completeness


Identify the PCAOB audit objective:


Obtain evidence that Spillane owned the securities and Obtain evidence that
$500,000 is the amount actually owed on the loan.
Ans: Rights and obligations


Identify the PCAOB audit objective:

, 2 promax - Stuvia US 2025/2026

Obtain evidence of the cost and market value of the securities held at
December 31. Decide whether any write-downs to market are required by
the appropriate reporting framework.
Ans: Valuation


Identify the PCAOB audit objective:


Obtain evidence of the committed nature of the assets, which should mean
they should be in a noncurrent classification like the loan. Obtain evidence
that restrictions on the use of the assets are disclosed fully and agree with
the loan documents.
Ans: Presentation and disclosure
Exampromax - Stuvia US
Approved By:




In testing the goodwill at an audit client in the retail industry, an auditor
may seek to determine whether the account balance had been impaired.
Such impairment procedures would be designed to test which financial
statement assertion?
Ans: Valuation or allocation


When auditing merchandise inventory at year-end, the auditor performs
audit procedures to obtain evidence that no goods held on consignment are
included in the client's ending inventory balance. This audit procedure
provides assurance about which management assertion?
Ans: rights and obligations


During an audit of a company's cash balance on a company with
operations in only one country, the auditor is most concerned with which
management assertion?
Ans: Existence

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