"Are interest payments and accruals monitored for due dates and financial statement dates?" is an internal control questionnaire item that is related to the ASB transaction assertion of:
A)occurrence.
B)completeness.
C)cutoff.
D)accuracy.

Question

Quizplus · Accepted Answer

The question pertains to ensuring that interest payments and accruals are recognized in the correct accounting period, which aligns with the cutoff assertion. The cutoff assertion involves ensuring transactions and events are recorded in the correct accounting period.

"Are Interest Payments and Accruals Monitored for Due Dates and Financial