acct 241 assertions

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Author:
wsrdpc
ID:
29233
Filename:
acct 241 assertions
Updated:
2010-08-07 14:20:47
Tags:
acct assertions
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Description:
acct 241 assertions
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The flashcards below were created by user wsrdpc on FreezingBlue Flashcards. What would you like to do?


  1. existence or occurence
    assets included in accounts exists and events that give rise to transactions have taken place
  2. rights and obligations
    entity has legal claim on all assets and revenues reported and has a legal responsibility fo all liabilities and expenses
  3. completeness
    all transactions have been recorded
  4. valuation or allocation
    transactions are recorded at the correct amount in the proper period
  5. presentation and disclosure
    all accounts are presented in the appropriate place and all information required has been disclosed in the statements and footnotes
  6. transaction assertion - occurence
    events giving rise to transactions have taken place
  7. transaction assertion - completeness & cutoff
    all transactions have been recorded and are recorded in the appropriate period
  8. transaction assertion - accuracy
    transactions are recorded at the correct amount
  9. transaction assertion - classifications
    transactions have posted to the proper account
  10. balance assertion - existence
    balances include only assets exist
  11. balance assertion - rights & obligations
    • entity has legal claim on all assets and revenues reported
    • entity has a legal responsibility for all liabilities and expenses
  12. balance assertion - completeness
    balances include all items
  13. balance assertion - accuracy & valuation
    balances included items recorded in the proper period at the proper amount
  14. presentation & disclosure assertion - occurence & rights & obligations
    items presented include information regarding ownership
  15. presentation & disclosure assertion - clompleteness
    all accounts are included
  16. presentation & disclosure assertion - classification & understandability
    • all accounts are appropriately grouped
    • users can comprehend statements and disclosures
  17. presentation & disclosure assertion - accuracy & valuation
    statements include proper measurements

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