What Type of Information Should Be Disclosed in the Footnotes

question 75

Essay

What type of information should be disclosed in the footnotes for this mortgage to help the auditor determine whether the completeness and presentation/disclosure assertions are satisfied?

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Definitions:

General Journal Entry

A basic accounting record where financial transactions are initially recorded.

Replenishment

Replenishment involves the process of restocking goods or materials in inventory to maintain adequate levels to meet consumer demand or operational needs.

Bank Reconciliation

Bank reconciliation is the process of comparing and matching figures from the accounting records against those shown on a bank statement to ensure they are in agreement.

NSF Check

A check that cannot be processed because the account it's drawn on does not have sufficient funds.