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A useful way to think about the assertions is: Classes of transactions - assertions pertaining to the income statement (profit and loss account) Account balances - assertions pertaining to statement of financial position (balance sheet) Presentation and disclosure - speaks for itself. So when there is a figure for an expense in the income statement, the auditor needs to check that: > The expenses occurred and relates to the entity > The expense amount is complete i.e. all expenses have been recorded/accrued > The amount is accurate > The cut-off is correct (for example purchases/inventory) > The expense has been properly classified
What else can I help you with?
Assertions about classes of transactions and events?
state the assertions for class of transactions
What are the four Greek social classes?
upper classes, lower classes , middle classes, and slaves
What are four classes of fire?
Four classes of fire from a fire science perspective are: Incipient, growth, fully developed, decay.
What are the four major classes of compounds?
Carbohydrates,Lipids,Proteins and Nucleic Acids are the four major classes of organic compounds.
What are core classes?
Core classes are the four main classes; ELA, Science, Social Studies, and Math.Holly907
What are the classes for racing ATVs?
what are the racing classes for racing four wheelers? there are 3 classes the begginer amamtuer and pro class
What are the character classes in the video game Alien Swarm?
Alien Swarm has four classes with two characters available for each class. The four main classes are the officer, the special weapons, the medic, and the tech.
What are the four basic questions that a transaction processing system audit tries to answer?
Are transactions processed accurately? Are transactions processed completely? Are transactions processed in a timely manner? Are transactions processed securely, with appropriate controls in place?
What are the four classes of fires?
There are actually five classes of fire, A,B,C,D, and K.
How many classes of storage do you have?
In C there are four storage classes: automatic, external, register and static.
What four groups made up society in the spanish colonies?
The four social classes in the Spanish colonies were peninsulares, creoles, mestizos, and Indians.
How did Karl Marx classify the four major classes in capitialist societies?
Karl Marx classified the capitalist societies into four major classes. These classes include the bourgeoisies, proletariat, landlords, and the petty bourgeoisie and middle class.
