Place an "X" in the Applicable Column for Each Substantive

question 70

Essay

Place an "X" in the applicable column for each substantive test to identify the assertions to which each test pertains.

---

Definitions:

Treasury Stock

Shares that were issued and subsequently reacquired by the issuing company, reducing the amount of outstanding stock on the open market.

Bonds Payable

A classification in accounting for debts of a corporation due to be paid to bondholders at a specified date.

Operating Activities Section

Part of a cash flow statement that shows the cash generated or used in the primary revenue-producing activities of the business.

Land for Cash

Land for cash refers to the transaction in which real property is sold for cash payment without any financing involved.