Inventories received before the period-end are recorded as current purchases and those received after the period end are included in the next period. What assertion is being described?
A) cut-off
B) checking
C) counting
D) preparation

Question

Quizplus · Accepted Answer

The assertion being described is cut-off, which is related to the proper timing and allocation of transactions to the correct period. In this case, it involves the timing of inventory received and how it affects the current period's purchases.

Inventories Received Before the Period-End Are Recorded as Current Purchases