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Ilia_Sergeevich [38]
2 years ago
5

How to identify the significant accounts, disclosures, and relevant assertions in auditing long-lived assets?

Business
1 answer:
RSB [31]2 years ago
6 0

An account or disclosure is a vast account or disclosure if there's an inexpensive possibility that the account or disclosure should contain a misstatement that, personally or when aggregated with others, has a fabric impact on the financial statements, considering the risks of each overstatement.

On the subject of auditing balance sheet accounts, which includes lengthy-term property and liabilities, the important thing assertions that an auditor will test are lifestyles; rights and duties; completeness and valuation.

To be able to become aware of these risks, we carry out techniques such as subsequent: Discussions with key employees to gain knowledge of your employer and its environment. Discussions and walkthroughs achieved and documented over internal manipulation tactics. diverse analytical tactics.

Learn more about environment here: brainly.com/question/17413226

#SPJ4

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Gus takes his $15 in lemonade stand earnings and deposits it into his savings account. Meanwhile, Gus’s dad borrows $20,000 to b
tresset_1 [31]

Answer:

<u>liability</u>, <u>asset </u>

Explanation:

Liability refers to a future obligation in monetary form which must be discharged by a business. Liabilities are classified on the basis of due period into current and long term. For instance payment due to a supplier, loan for repayment.

Assets on the other hand refer to something which yields future economic benefits. Assets could be in tangible fixed form, movable form or intangibles such as Goodwill.

In the given case, from the purpose of bank, acceptance of deposits constitutes a liability since the bank has to pay such deposits whenever required by the customer.

Similarly, lendings by a bank represent an asset since the bank would receive such sum coupled with interest at a future date.

8 0
3 years ago
If the date is april 21, what zodiac constellation will be visible on your meridian at midnight?
mariarad [96]
April 21st zodiac constellation is "Taurus".

Those belonging to "Taurus" zodiac are characterized by a stable and determined personality. They always set a goal for themselves and there is no limit to the effort they will exert to reach this goal. They usually desire stability and appreciate the beauty of nature.
6 0
3 years ago
Among game birds popular with American consumers, _______ is by far the most commonly consumed. 
nevsk [136]
I believe most consumed bird is a quail.
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3 0
3 years ago
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Which factor determines who a society will produce goods and services for?
Firdavs [7]
Capitalism, Communism, and Socialism
8 0
2 years ago
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Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At the meeting of the board of directors on Dec
PtichkaEL [24]

Answer:

Explanation:

The adjusting entry is shown below:

Cash Dividend A/c Dr $500,000

        To Dividend payable               $500,000

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The dividend amount is computed below:

= Number of shares held × cash dividend per share

= 100,000 shares × $5

= $500,000

As dividend is declared so we debited the cash dividend account and credited the dividend payable as it is a current liability

7 0
3 years ago
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