Assertions for Purchasing and Cash Disbursement Flashcards
Assertions about Classes of Transactions and Events - Occurrence
All purchase and cash disbursement transactions and events that have been recorded have occurred and pertain to the entity.
Assertions about Classes of Transactions and Events - Completeness
All purchase and cash disbursement transactions and events that should have been recorded have been recorded.
Assertions about Classes of Transactions and Events - Authorization
All purchase and cash disbursement transactions and events are properly authorized.
Assertions about Classes of Transactions and Events - Accuracy
Amounts and other data relating to recorded purchase and cash disbursement transactions and events have been recorded appropriately.
Assertions about Classes of Transactions and Events - Cutoff
Purchase and cash disbursement transactions and events have been recorded in the correct accounting period.
Assertions about Classes of Transactions and Events - Classification
Purchase and cash disbursement transactions and events have been recorded in the proper accounts.
Assertions about Account Balances - Existence
Accounts payable and accrued expenses are valid liabilities.
Assertions about Account Balances - Rights and Obligations
Accounts payable and accrued expenses are the obligations of the entity.
Assertions about Account Balances - Completeness
All accounts payable and accrued expenses have been recorded.
Assertions about Account Balances - Valuation and allocation
Accounts payable and accrued expenses are included in the financial statements at appropriate amounts, and any resulting valuation or allocation adjustments are appropriately recorded.
Assertions about Presentation and Disclosure - Occurrence and rights and obligations
All disclosed events, transactions, and other matters relating to accounts payable and accrued expenses have occurred and pertain to the entity.
Assertions about Presentation and Disclosure - Completeness
All disclosures relating to accounts payable and accrued expenses that should have been included in the financial statements have been included.
Assertions about Presentation and Disclosure - Classification and understandability
Financial information relating to accounts payable and accrued expenses is appropriately presented and described, and disclosures are clearly expressed.
Assertions about Presentation and Disclosure - Accuracy and valuation
Financial and other information relating to accounts payable and accrued expenses are disclosed fairly and in appropriate amounts.
