AFM202 Chapter Notes - Chapter 9: Aomedia Video 1, Cytochrome C Oxidase Subunit I, Financial Statement

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM202
• Professor: Alan Mc Naughton

Document Summary

Inventory transactions are properly (accurately) recorded (av1: cut-off (co) Inventories received before the period end are recorded as purchases in the current period and those received after the period end are included in the next accounting period (co1) Inventories shipped before the period end are recorded as sales in the current period and those shipped after the period end are included in the next accounting period (co2: classification (d) Inventory transactions are recorded in the correct accounts (d1: presentation (d, purchase and inventory transactions and events are appropriately aggregated or disaggregated, clearly described and the related disclosures are relevant and understandable (d2) Account balance and related disclosure objectives: existence (oe) Inventories recorded represent items on hand at the end of the reporting period (oe5: rights and obligations (ro, the entity has rights to the inventories included in the balance sheet (ro1, completeness (c)