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Culture Documents
Quizzes
Quizzes
Quizzes
d. Provided to the auditor in the assertions letter but are not disclosed in the financial
statements of the entity.
2. Assertions used by the auditor fall into the following categories, except:
3. Which of the following is not a financial statement assertion relating to account balances? A.
Completeness.
4. Assertions about account balances at the period-end include valuation and allocation, which
means that
b. All assets, liabilities and equity interests that should have been recorded have been
recorded.
c. Assets, liabilities and equity interests are included in the financial statements at
appropriate amounts and any resulting valuation or allocation adjustments are
appropriately recorded.
d. The entity holds or controls the rights to assets, and liabilities are the obligations of the
entity.
b. Amounts and other data relating to recorded transactions and events have been
recorded appropriately
c. Transactions and events have been recorded in the correct accounting period
a. All transactions and events that should have been recorded are recorded.
b. Amounts and other data relating to recorded transactions and events have been
recorded appropriately.
c. Transactions and events that have been recorded have occurred, and pertain to the
entity
a. All disclosures that should have been included in the financial statements have been
included.
b. Disclosed events, transactions and other matters have occurred and pertain to the
entity.
9. The auditor notices that a client’s cash-basis financial statements a prepared with accrual basis
financial titles. This situation bears on which financial statement assertion?
10. There are three categories of financial statement assertions: Assertions pertaining to account
balances at period end, assertions pertaining to classes of transactions and events during the
period, and assertions pertaining to presentation and disclosure. Which of the following is a
financial statement assertion that is common to all three categories?
a. Existence c. Completeness
b. Classifications d. Occurrence