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

Question

Quizplus · Accepted Answer

Management assertions in the acquisition and expenditure business process include completeness for both classes of transactions and account balances, ensuring all transactions and account balances that should have been recorded are indeed recorded. Accuracy for classes of transactions ensures that amounts and other data relating to recorded transactions and events have been recorded appropriately.

Management Assertions in the Acquisition and Expenditure Business Process Are