Assertions

Question 1

Completeness

Answer 1

To determine that all transactions and accounts that should be presented have been included in the financial statements.

Question 2

Occurrence and cutoff

Answer 2

To determine that all transactions occurring during the period have been recorded in the financial statements in the proper period.

Question 3

Valuation and Accuracy

Answer 3

To determine that all asset, liability, revenue and expense components have been included in the financial statements at accurate amounts, classified properly.

Question 4

Existence

Answer 4

To determine that all recorded assets and liabilities exist at a given date

Question 5

Rights

Answer 5

To determine that the entity has rights to all assets recorded at a given date.

Question 6

Obligations

Answer 6

To determine that all liabilities are obligations of the entity at a given date.

Question 7

Disclosure and Presentation

Answer 7

To determine that all components of the financial statements and other transactionsand events are accurately classified, clearly described and disclosed.

Question 8

What are the assertions for classes of transactions and events?

Answer 8

Occurrence, Completeness, Accuracy, Cutoff, and Classification

Question 9

What are the assertions for account balances at the period end?

Answer 9

Existence, Rights and Obligations, Completeness, and Valuation and Allocation

Question 10

What are the assertions for presentation and disclosure?

Answer 10

Occurrence and Right and Obligations, Completeness, Classification and Understandability, and Accuracy and Valuation