Match each of the following controls with the assertion for long-term debt that it supports.
-Any significant debt commitments are approved by the board of directors or delegated executives
A)Classification
B)Accuracy, Valuation, and Allocation
C)Completeness
D)Occurrence and Authorization

Question

Match each of the following controls with the assertion for long-term debt that it supports.
-Any significant debt commitments are approved by the board of directors or delegated executives
A)Classification
B)Accuracy, Valuation, and Allocation 
C)Completeness
D)Occurrence and Authorization

Quizplus · Accepted Answer

This control supports the assertion of occurrence and authorization, as it ensures that significant debt commitments have been properly approved by the appropriate authorities.

Match Each of the Following Controls with the Assertion for Long-Term