OTHER LONG-TERM ASSETS Definition

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OTHER LONG-TERM ASSETS includes long-term assets not included into the investments, fixed, or intangible assets categories. Those other assets may be that part of prepaid expenses that will start expiring more than a year after the balance sheet date, or the cash surrender value of life insurance on company officers, etc.

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ASSERTION is when management asserts financial statements are correct with regard to existence or occurrence of assets, liabilities or transactions, completeness of information in the financial statements, rights and obligations at a point in time, appropriate valuation or allocation, presentation, and disclosure.

GENERALIZED AUDIT SOFTWARE is packaged computer programs used on a variety of computers during audit field work to read computer files, select information, perform calculations, create data files, and print reports in a format specified by the auditor.

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