Lesson: Inventory, Investment, & Other Cycles Objectives

In this lesson, Nick Palazzolo, CPA, elaborates on the learning objectives such as differentiating between various accounting, auditing, and management assertions and applying them to different situations. Additionally, the lesson explains applying the correct auditing procedures to test these assertions, gaining reasonable assurance over account balances, transactions, and presentation and disclosure. Lastly, the lesson covers understanding the process of these cycles and being able to read and complete a flowchart for each cycle, although fewer flowcharts will be presented in this particular lesson.