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paraketamoli

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Active 5 years ago
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Viewing 4 posts - 1 through 4 (of 4 total)
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  • November 19, 2014 at 6:58 am #211189
    02d18acc3834731f4e635b9a2142c680cf561f16c681e6e5d8610dec23ac5404 80paraketamoli
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    Hahaha, ok thank you, nice opening approach! 🙂

    Thanks again Mike!

    November 18, 2014 at 8:25 am #210870
    02d18acc3834731f4e635b9a2142c680cf561f16c681e6e5d8610dec23ac5404 80paraketamoli
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    TL;DR

    First off you need to understand what the word “assertion” means.

    Assertion is a strong confident belief. In terms of F8 think of it as a “claim”.

    As in, the managment claims that a number in the financial statements is Complete, Accurate, Valued corectly, e.t.c. –

    By a number in the financial statements I mean for instance, the amount of P.P.E.

    And it is up to you – the auditor – to verify that this claim is true… and fair.

    Maybe it’s not. Maybe they the managment forgot to depreciate this year. Which means the amount of P.P.E is misstated. That is, the “claim” – the assertion – that it is valued correctly, actually it isn’t!

    How do you verify / confirm this? Using substantive procedures.

    What are substantive procedures? Ok I’ll stop there. 🙂

    Hope this helped.

    November 18, 2014 at 7:03 am #210857
    02d18acc3834731f4e635b9a2142c680cf561f16c681e6e5d8610dec23ac5404 80paraketamoli
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    Ok, great! Thank you! 🙂

    Say, for the sake of argument that it did, – you never know what could come up – how can one elaborate on that?

    Say for 2-3 points.

    Thanks again.

    April 14, 2010 at 4:04 pm #59210
    02d18acc3834731f4e635b9a2142c680cf561f16c681e6e5d8610dec23ac5404 80paraketamoli
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    I think I answered my own question:

    “For a retail business, the cost of sale is the purchase price of the item. For a manufactured good, the cost of sale includes Direct Material, Direct Labor, and Factory Overhead associated with producing it.”

    So I guess we were talking about a retail business.. 🙂

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