Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. explain the search for unrecorded liabilities. wha

Explain the search for unrecorded liabilities. What are thetesting procedures? Which assertions is it...

70.2K

Verified Solution

Question

Accounting

Explain the search for unrecorded liabilities. What are thetesting procedures? Which assertions is it testing? What is thepurpose of this test?

Answer & Explanation Solved by verified expert
3.8 Ratings (478 Votes)
A search for unrecorded liabilities is a fundamental almost universally applied procedure in all audits The scope of such a search frequently includes a sampling of subsequent cash disbursements which is an example of testing one population for understatement by sampling through a reciprocal population where unrecorded or otherwise missing balances or transactions are likely to reside When there is a longerthanusual time interval between recording payables and cutting the checksa common circumstance with financially troubled entities or during periods of economic stressan auditor should consider merging the populations from the    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In: AccountingExplain the search for unrecorded liabilities. What are thetesting procedures? Which assertions is it testing?...Explain the search for unrecorded liabilities. What are thetesting procedures? Which assertions is it testing? What is thepurpose of this test?

Other questions asked by students

Q

For a new project of a company to increase the manufacturing capacity for five years, it...

Finance
Q

You need a 25-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage bank...

Finance
Q

a video-game developer as received reports of players who are cheating. all game players each have...

Programming
Q

There are five psychological theories of motivation which can improve employee’s quality of work, increase productivity,...

General Management
Q

Identify and describe practices typical of commercial supply chains that can be utilized to improve the...

General Management
Q

The question in the textbook says: "One study mentioned in an article that 90% of the...

Basic Math
Q

Lymphatic fluid flowsMultiple Choicetoward the heartaway from the heartboth toward and away from the heart

Biology
Q

The vertex of a parabola is (-1.5, -12.5), and its y-intercept is (0, -8).The x-intercepts...

Geometry
Q

When 2 grams of Helium are added to a weather balloon, its volume is 8.0...

Basic Math
Q

The Bacon Company acquired new machinery with a price of $13,417 by trading in similar...

Accounting
Q

Diana acquires and places in service a 5-year class asset costing $65000 on December 19,...

Accounting
Q

You are the CFO of the Milk Company and are considering a possible acquisition of...

Finance