Week 7 - Assertions that Relate to Income Statement / Profit or Loss Account

Question 1

What are the five assertions that relate to income statement / profit or loss account?

Answer 1

Completeness
Occurence
Classification
Cut-off
Accuracy

Question 2

What is the word to remember the five assertions that relate to the income statement/ profit or loss account?

Answer 2

COCCA

Question 3

Cut-off

Answer 3

Included in correct period? No pulling forward of sales and deferring expenses