Assertions about Account Balances and Related Disclosures at the Period End

Question 1

What is meant by completenenss?

Answer 1

All assets, liabilities and equity interests that should have been recorded have been recorded and all related disclosures that should have been included in the FSs have been included

Question 2

What is meant by obligations and rights?

Answer 2

The entity holds or controls the rights to assets, and liabilities are the obligations of the entity

Question 3

What is meant by valuation, accuracy and allocation? (amounts)

Answer 3

Assets, liabilities and equity interests are included in FS at appropriate amounts

Question 4

What is meant by valuation, accuracy and allocation? (valuation)

Answer 4

Any resulting valuation or allocation adjustments are appropriately recorded

Question 5

What is meant by valuation, accuracy and allocation? (disclosures)

Answer 5

Related disclosures have been appropriately measured and described

Question 6

What is meant by existence?

Answer 6

Assets, liabilities and equity interests

Question 7

What is meant by classification?

Answer 7

Assets, liabilities and equity interests have been recorded in the proper account