Midterm Week 5 Flashcards
1
Q
What is the assertions that could be violated?
A
(CAVE)
Counting: completeness of FS
Accuracy: Accuracy of FS (amounts and classification)
Valuation: Valuation and allocation
Existence: Occurrence of existence of assertions
2
Q
what is assertion?
A
statements made by management regarding the recognition, measurement, disclosure and presentation of items on a financial statement
3
Q
what is the sales business process?
A
order ship collect
