John Wayne International Airport is the sole commercial airport in Orange County. General aviation operations outnumber commercial operations and several facilities at the airport serve the general aviation and corporate aviation community. The other general aviation airport in the county is Fullerton Municipal Airport.
Inventory, general expenses, and payroll. â Cash, accounts receivable, and sales. These accounts are part of the acquisition cycle. When auditing the existence assertion for an asset, auditors proceed from the Supporting original transaction documents to the general ledger. General ledger back to the supporting original transaction documents. Financial statement amounts back to the potentially unrecorded items.
An accountant who attempts to treat an asset as an expense will understate the company's profitability and total net assets, since assets are not supposed to be wholly expensed in the period they are purchased. Failing to treat assets and expenses correctly will result in erroneous financial statements.