Valuation & Allocation Concepts
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Flashcards related to the key concepts of valuation, allocation, and accuracy in financial statements.
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6 Terms
Valuation
The assertion that all assets, liabilities, and revenues are stated at appropriate amounts.
Allocation
The process of ensuring that amounts recorded are mathematically correct.
Footing
Cross footing schedules with information to ensure correct valuations based on corroborating evidence.
Inspection
A method involving inspecting documentation to determine if reported information is supported.
Recalculation
The auditor's independent recalculations to verify reported numbers through direct evidence.
Reconciliation
The process of aligning supporting documentation with reported amounts in financial statements.
Note 
Flashcards (97)