The cutoff assertion deals with ________.
A)ensuring accounts are appropriately valued
B)ensuring amounts are recorded in the correct accounts
C)transactions and events have been recorded in the correct accounting period
D)ensuring that assets, liabilities and equity interests exist.

Question

Quizplus · Accepted Answer

The cutoff assertion deals with ensuring that transactions and events have been recorded in the correct accounting period. This is important as it ensures that financial statements are accurate and reflect the activities of the company during the reporting period. The other choices do not directly relate to the cutoff assertion.

The Cutoff Assertion Deals with ________