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Transaction and Event Assertions
Account Balance Assertions
Presentation and Disclosure Assertions
Testing Approach
100
This assertion concerns whether recorded transactions included in the financial statements actually occurred during the accounting period.
What is occurrence assertion?
100
This assertion deals with whether assets, liabilities, and equity interest are actually present.
What is the existence assertion?
100
This assertion addresses whether all required disclosures have been included in the financial statements.
What is the completeness assertion?
100
What is the main assertion that a confirmation will test?
What is the existence assertion?
200
This assertion concerns whether or not transactions and events have been recorded in the correct accounting period.
What is the cutoff assertion?
200
This assertion checks if all assets, liabilities, and equity interest that should have been recorded have actually been recorded.
What is the completeness assertion?
200
This assertion addresses whether financial information is disclosed fairly and at appropriate amounts.
What is the accuracy and valuation assertion?
200
This is typically the best testing approach to test the existence of fixed assets
What is an observation/inventory observation.
300
This assertion addresses whether or not amounts and other data relating to recorded transactions and events have been recorded appropriately.
What is accuracy assertion?
300
This assertion deals with whether assets, liabilities, and equity interest have been included in the financial statements at appropriate amounts.
What is the valuation and allocation assertion?
300
This assertion addresses whether amounts are appropriately classified in the financial statements and footnotes.
What is the classification assertion?
300
You're comparing the deprecation expense as a % of fixed assets between 2015 and 2016. Which of these procedures would this be classified under.
What is analytical procedures?