"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

This internal control questionnaire item is related to the ASB transaction assertion of Cutoff, which ensures that transactions and events are recorded in the correct accounting period. Monitoring interest payments and accruals for due dates and financial statement dates is important to ensure that they are included in the correct period and accurate financial statements are produced.

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