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Kryger [21]
3 years ago
6

Management assertions about classes of transactions are a. Occurrence. b. Completeness. c. Authorization. d. Accuracy. e. Cutoff

. f. Classification. g. Presentation. For each management assertion, indicate an example of a misstatement that could occur for revenue transactions.
Business
1 answer:
DaniilM [7]3 years ago
5 0

Answer:

Misstatement is referred to as errors in the presentation of financial information that could lead to wrong decision by the users

Explanation:

Occurrence : Issuing of dummy invoices for sales that did not occur            

Completeness:  Sales invoice were not fully recorded due to omission or misplacement

Authorization: Sales are not approved by the responsible manager. No authorized signature

Accuracy : Casting of sales figure on the register is not correct.

Cutoff : Sales are not recorded in the proper accounting period. January sales being recorded in the previous year account.

Classification : Grants being wrongly recorded as revenue

Presentation : Exaggerated revenue.

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A company sells its products for $80 per unit and has per-unit variable costs of $30 so the contribution margin per unit per uni
malfutka [58]

Answer:

the contribution margin per unit is $50

Explanation:

The computation of the contribution margin per unit is shown below:

Given that

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And, the per unit variable cost is $30

Based on the above information

the contribution margin per unit is

= Selling price per unit - variable cost per unit

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hence, the contribution margin per unit is $50

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3 years ago
LinkUp, Inc. paid $450,000, plus $25,000 in closing costs, to buy a parcel of land with a factory on it. The purchase also conta
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