ACC 490 Week 3 Learning Team Assignment Assessing Materiality and Risk Simulation

ACC 490 Week 3 Learning Team Assignment Assessing Materiality and Risk Simulation
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Assessing Materiality and Risk

Certain accounts must be audited 100% depending on how important they are and the potential errors that could be found. Accounts like Cash, Lines of Credit, and Intangibles are very important in this simulation, mainly because they are more liquid accounts and do not have as many transactions as other accounts. Other accounts have many transactions and can be too tedious to go threw a 100% audit like, Inventory, Accounts Payable, and Property, Plant, and Equipment.
Cash is important because it indicates the liquid situation of the company at any given point of time. Lines of credit are the money that is owed to the company by customers for services rendered or goods sold.
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Visit our Site for More Tutorials: ( http://homeworklance.com/ )ACC 490 Week 3 Learning Team Assignment Assessing Materiality and Risk Simulation
Assessing Materiality and Risk

Certain accounts must be audited 100% depending on how important they are and the potential errors that could be found. Accounts like Cash, Lines of Credit, and Intangibles are very important in this simulation, mainly because they are more…

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