For the Period 1 July 2020 – 30 June 2021

Account Value (‘000)

Interest expense $500

Cash at bank $5,000

Property Plant and Equipment $50,000

Loans payable $25,000

Key Assertion/s (C, E, A, V, O, P)

Accuracy, completeness,ccutoff and classification

Completeness,Existance, Rights and obligations,valuation and classification

same as above
same as above
Explain what is mean by these assertions and
why it is relevant to the account balance

Accuracy means if the balance amount is

correct, completeness refers to the fact if the
balance amount is the only amount or some
other balances are not recorded.Cutoff explains
the fact if balance amount pertains to the
cutoff period and lastly classification refers to
the correct presentation of amount

These assertions refers to balance sheet,which

means cash at bank which is an asset if is
complete, exists at bank, the entity holds a
right onto it, and is valued properly, and all cash
balances are presented properly

same as above
same as above, except this balance is a liability
and entity will is obligated to the outflow of
cash