Assertions about classes of transactions and events typically include _______.
A)occurrence, cutoff, and completeness
B)existence, rights, and obligations
C)existence, rights, and cutoff
D)completeness, accuracy, and valuation

Question

Quizplus · Accepted Answer

Assertions about classes of transactions and events typically include occurrence (transactions and events that have been recorded actually occurred and pertain to the entity), cutoff (transactions and events have been recorded in the correct accounting period), and completeness (all transactions and events that should have been recorded have been recorded). Existence, rights, and obligations are assertions related to account balances while valuation is an assertion related to measurement.

Assertions About Classes of Transactions and Events Typically Include _______