Which assertion(s) is met if proper cut-off is achieved:
A) right and obligations.
B) completeness.
C) existence or occurrence.
D) Both b and c

Question

Quizplus · Accepted Answer

If proper cut-off is achieved, both completeness and existence/occurrence assertions are met. Completeness assertion is met because all transactions and events have been recorded up to the cutoff date. Existence/occurrence assertion is met because only transactions and events that have occurred up to the cutoff date are included in the financial statements. The assertion of rights and obligations is not necessarily related to cut-off.

Which Assertion(s) Is Met If Proper Cut-Off Is Achieved