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Frag Jones Company has a December year end with a tight reporting deadline,so the auditors confirmed the accounts receivable as of November 30 using positive confirmations.In addition to following up confirmation discrepancies,the auditor should
Assets
Resources owned or controlled by a business that are expected to produce economic value or benefits in the future.
Accounting Equation
A fundamental principle representing the relationship between an entity's assets, liabilities, and equity; Assets = Liabilities + Equity.
Creditor
An entity or person that lends money or extends credit to another party, expecting to be repaid in the future.
Liability
A financial obligation or debt owed by a company to another entity, payable in the form of money, services, or goods, recorded on the right-hand side of the balance sheet.
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