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The risk of completeness (details) on faithful representation of fianancial statements. Raise two examples from different transaction cycles to illustrate. (not less than 250 words,reference is...

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The risk of completeness (details) on faithful representation of fianancial statements. Raise two examples from different transaction cycles to illustrate. (not less than 250 words,reference is needed.)
Answered Same Day Dec 25, 2021

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David answered on Dec 25 2021
118 Votes
With regards to faithful representation of financial statements, one of the key attributes is
completeness. This implies that all the financial transactions that should have been recorded
in the financial statements have been indeed recorded and not omitted. Assertions regarding
completeness may be made by management if there is a material risk of completeness in the
financial statement recorded (Gay and Simnett, 2012).
One of the key transactions cycles is the revenue cycle. A key issue with regards to recording
of revenues is to ascertain as to when the revenue should be realized in accordance with...
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