FS assertions Flashcards
1
Q
what 6 items are in the statement of profit and loss
A
- occurence
-completeness - accuracy
- cut off
- classification
- presentation
2
Q
occurrence
A
have transactions occurred and relate to entity
3
Q
completeness
A
have all transactions been recorded
4
Q
accuracy
A
have amounts been recorded appropriately
5
Q
cut off
A
have transactions been recorded in correct period
6
Q
classification
A
have transactions been recorded in correct account
7
Q
presentation
A
are transactions and disclosures adequate
8
Q
what 6 items are in the statement of financial position
A
- completeness
- classification
- presentation
- existence
- rights and obligations
- accuracy and valuation
9
Q
what does existence replace in SOFP
A
occurence
10
Q
existence
A
do assets/liabilties exist
11
Q
rights and obligations
A
does entity own asses / have rights to obligations
12
Q
accuracy and valuation
A
assets liabilities and equity are recorded at appropriate values
