Use of an authorized price list in preparing the sales invoices meets primarily the
A) existence or occurrence assertion.
B) completeness assertion.
C) accuracy, valuation, or allocation assertion.
D) rights and obligations assertion.

Question

Quizplus · Accepted Answer

The use of an authorized price list in preparing sales invoices primarily ensures that the amounts billed to customers are correct, addressing the accuracy, valuation, or allocation assertion. This assertion concerns whether financial statement elements are recorded at the appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded.

Use of an Authorized Price List in Preparing the Sales