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Explain why are long-lived assets and inventory assertion

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Reference no: EM132734617

Question 1: Why are the long-lived assets and inventory assertions of existence said to have an inherent risk of material misstatement that is higher than that of the account payable?

Question 2: Do you think the blank confirmation is included in the positive or negative confirmation? Also explain what the advantages and disadvantages of each type of confirmation are, along with what kind of situation it is suitable to use!

Question 3: Why is a cash account said to have a high inherent risk of possible fraud? Explain some of the controls related to cash accounts!

Reference no: EM132734617

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