Assertions for Purchasing and Cash Disbursement Flashcards Preview

Auditing and Attestation > Assertions for Purchasing and Cash Disbursement > Flashcards

Flashcards in Assertions for Purchasing and Cash Disbursement Deck (14)
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1

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.

2

Assertions about Classes of Transactions and Events - Completeness

All purchase and cash disbursement transactions and events that should have been recorded have been recorded.

3

Assertions about Classes of Transactions and Events - Authorization

All purchase and cash disbursement transactions and events are properly authorized.

4

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.

5

Assertions about Classes of Transactions and Events - Cutoff

Purchase and cash disbursement transactions and events have been recorded in the correct accounting period.

6

Assertions about Classes of Transactions and Events - Classification

Purchase and cash disbursement transactions and events have been recorded in the proper accounts.

7

Assertions about Account Balances - Existence

Accounts payable and accrued expenses are valid liabilities.

8

Assertions about Account Balances - Rights and Obligations

Accounts payable and accrued expenses are the obligations of the entity.

9

Assertions about Account Balances - Completeness

All accounts payable and accrued expenses have been recorded.

10

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.

11

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.

12

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.

13

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.

14

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.