Assertions Flashcards
1
Q
R.A.C.C. C.O.V.E
A
Rights and obligations
Accuracy
Completeness
Cut off
Classification
Occurrence
Valuation
Existence
2
Q
is it recorded right? Amount / time
A
Income statment & Presentation/Dislclosure
Accuracy
3
Q
Is it placed under right heading
A
income statement & Presentation/Disclosure
Classification
4
Q
is it complete
A
income, sofp & presentation/dislcosure
Completeness
5
Q
right year ?
A
income statement
cut off
6
Q
does is exist
A
sofp
existance
7
Q
is it worth it?
A
sofp & presentation/disclosure
valuation & allocation
8
Q
is entity entitatled for use?
A
sofp & presentation/Disclosure
rights and obligations
9
Q
is it the entitys?
A
income statement & presentation/disclosure
