Assertions Flashcards
1
Q
Assertions About Classes of Transactions and Events (Incomes Statement)
A
Occurrence Completeness Accuracy Cut-off Classification
2
Q
Assertions About Account Balances (Balance Sheet)
A
Existence
Completeness
Valuation and Allocation
Rights and Obligations
3
Q
Assertions About Presentation and Disclosure
A
Occurrence and rights and obligations
Completeness
Accuracy and Valuation
Classification and Understandability
4
Q
Completeness
A
Supporting documentation –> agree to financial statement amounts
5
Q
Occurrence
A
Financial statement amounts –> obtain supporting documentation
