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Flashcards in Assertions for Revenue and Cash Deck (14)
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1

Assertions about Classes of Transactions and Events - Occurrence

All revenue and cash receipt transactions and events that have been recorded have occurred and pertain to the entity.

2

Assertions about Classes of Transactions and Events - Completeness

All revenue and cash receipt transactions and events that should have been recorded have been recorded.

3

Assertions about Classes of Transactions and Events - Authorization

All revenue and cash receipt transactions and events are properly authorized.

4

Assertions about Classes of Transactions and Events - Accuracy

Amounts and other data relating to recorded revenue and cash receipt transactions and events have been recorded appropriately.

5

Assertions about Classes of Transactions and Events - Cutoff

All revenue and cash receipt transactions and events have been recorded in the correct account period.

6

Assertions about Classes of Transactions and Events - Classification

All revenue and cash receipt transactions and events have been recoded in the proper accounts.

7

Assertions about account balances at the period end - Existence

Recorded accounts receivable and related accounts exist.

8

Assertions about account balances at the period end - Rights and obligations

The entity holds or controls the rights to accounts receivable and related accounts, and any liabilities related to those accounts are the obligations of the entity.

9

Assertions about account balances at the period end - Completeness

All accounts receivable and related accounts that should have been recorded have been recorded.

10

Assertions about account balances at the period end - Valuation and allocation

Accounts receivable and related accounts 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 receivable and related accounts have occurred and pertain to the entity.

12

Assertions about presentation and disclosure - Completeness

All disclosures relating to accounts receivable and related accounts 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 receivable and related accounts 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 receivable and related accounts are disclosed fairly and in appropriate amounts.