Management assertions in the acquisition and expenditure business process are
A)existence or occurrence - for both classes of transactions and account balances
B)completeness - for classes of transactions
C)valuation and allocation - for account balances
D)rights and obligations - for classes of transactions
E)accuracy - for account balances
F)both A and C
G)both B and D

Question

Quizplus · Accepted Answer

The acquisition and expenditure business process involves the acquisition of goods and services, as well as the expenditure of funds. Therefore, the management assertions for this process should include both transaction-related assertions, such as existence or occurrence and completeness, as well as balance-related assertions, such as valuation and allocation and accuracy. Therefore, the best choice is F - both A and C.

Management Assertions in the Acquisition and Expenditure Business Process Are