Assertions Flashcards by user delete

Q

Credit approval

A

Valuation & accuracy

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Q

Inspecting

A

Completeness

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Q

Recomputing

A

Valuation & accuracy

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Q

Matching

A

Valuation & accuracy

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Q

Validity

A

Existence

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Q

Restrictions on RE

A

Understandability & classification

Presentation & disclosure

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Q

Transfers between categories of invesents

A

Classification.

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Q

Has been properly recorded

A

Accuracy

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Q

Obsolete or slow moving inventory

A

Valuation & allocation

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Q

Revenue (usually overstayed)

A

Existence

DOES THIS REVENUE ACTUALLY EXIST

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Q

Expenses (usually understated)

A

Complete

ARE ALL EXPENSES RECORDED

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Q

Observe

A

Existence

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Q

Inquire

A

P&D

R&O

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Q

Inspect

A

P&D
R&O
Classification

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Q

Observe

A

Exist

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Q

Vouch

A

Existence

Occurrence

Q

Confirm

A

Existence

Occurrence

Q

Cutoff

A

Completeness

Q

AP

A

Completeness

Q

Trace

A

Completeness

Q

Reconcile

A

Valuation

Q

Is it worth what the FS says?

A

Valuation & allocation

Q

The price is right!

Costs, valuation, price

A

Valuation & allocation

Q

Is it there? Do the records match the warehouse?

A

Existence

Q

Do the numbers show the whole amount of inventory?

A

Completeness

Q

Under statements

A

Completeness

Q

AR balances

A

Rights & obligations

Existence

Q

Completeness of AP - use:

A

Vendors with whom entity had previously done business

Q

Completeness for inventory

A

Cutoff procedures for shipping & receiving

Q

Are investments properly described and classified

A

Class & understand

Transfers from current to noncurrent portfolio

Q

Do recorded investments rep invesents actually owned?

A

R&O

Confirmations

Q

AR reps all amts owed to entity at BS date

A

Completeness

Sales cut offs

Q

AR at NRV

A

Valuation

Review aged trial balance

Q

Review of subsequent events

A

Valuation, allocation, accuracy
Completeness
R&O