Question

In auditing the long-term debt account, an auditor's procedures most likely would focus primarily on management's assertion of?

Answer 1

In auditing the long-term debt account, an auditor's procedures most likely would focus primarily on management's assertion of completeness.

What is long-term debt?

• Debt with a longer maturity period is referred to as long-term debt. The issuer's financial statement reporting and financial investing are two ways to look at long-term debt.
• Companies must mention the issuance of long-term debt together with all related payment obligations in their financial accounts.
• On the other hand, buying long-term debt involves investing in debt securities having maturities longer than a year.
• Long-term debt is an obligation for the issuer to pay back, but it is an asset for the holders of the debt (such as bond holders).
• Businesses' solvency ratios, which are examined by stakeholders and rating agencies to determine solvency risk, include long-term debt liabilities as a significant component.

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