VALUATION RATIO is a fraction in which a value or price serves as the numerator and financial, operating, or physical data serve as the denominator.
BOUNCED CHECK is a check written for an amount exceeding the checking account balance that is subsequently rejected for payment due to insufficient funds.
COMPLETENESS deals with whether all transactions and accounts that should be in the financial statements are included. For example, management asserts that all purchases of goods and services are included in the financial statements. Similarly, management asserts that notes payable in the balance sheet include all such obligations of the entity.
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