Which assertions may be tested for the "transactions and events" category of management assertions?
A) Existence, completeness, rights and obligations, accuracy, cutoff and classification.
B) Occurrence, completeness, rights and obligations, accuracy, cutoff and classification.
C) Occurrence, completeness, authorization, accuracy, cutoff and classification.
D) Existence, rights and obligations, accuracy, authorization, and completeness.

Question

Quizplus · Accepted Answer

The "transactions and events" category of management assertions includes occurrence, completeness, authorization, accuracy, cutoff, and classification. These assertions ensure that transactions recorded actually occurred, are complete, authorized, accurately recorded, recorded in the correct period, and properly classified.

Which Assertions May Be Tested for the "Transactions and Events