Assertions

Question 1

What is occurrence?

Answer 1

Transactions and events that have been recorded have occurred and pertain to the entity

Question 2

Completeness

Answer 2

All transactions and events that should have been recorded have been recorded

Question 3

Accuracy

Answer 3

Amounts and other data relating to recorded transactions and events have been recorded appropriately

Question 4

Cutoff

Answer 4

Transactions and events have been recorded in the correct accounting period

Question 5

Valuation and allocation

Answer 5

Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded