A- FOR THE FOLLOWING MANGEMENT ASSSERTION IDENTIFY WHETHER IT IS ABOUT CLASSES OF TRANSACTIONS AND EVENTS,...

A- FOR THE FOLLOWING MANGEMENT ASSSERTION IDENTIFY WHETHER IT IS ABOUT CLASSES OF TRANSACTIONS AND EVENTS, ABOUT ACCOUNT BALANCES OR MANGEMENT ASSERTIONS ABOUT PRESENTATION AND DISCLOSURES B- ALSO INDICATE THE NAME OF THE ASSERTION MADE BY MANAGEMENT a) All sales transactions have been recorded b) Receivables are appropriately classified as to trade and other receivables in the financial statements and are clearly described c) Accounts receivable are recorded at the correct amounts d) Sales transactions have been recorded in the proper period e) Sales transactions have been recorded int eh appropriate accounts f) All required disclosures about sales and receivables have been made g) All accounts receivable have been recorded

Expert Solution

Ans A.

a. This is Assertions about classes of transaction and events . The Name of the assertion will be 'Completeness of Sales Transactions'.

b. This is Assertion about Account Balances . The name of the assertion will be ' Classification of Receivable Accounts'.

c. This is Assertion about Account Balances . The name of the assertion will be ' Accuracy and Valuation of Accounts Receivable '.

d. This is Assertions about classes of transaction and events . The Name of the assertion will be ' Cut-Off for Sales Transactions'.

e. This is Assertions about classes of transaction and events . The Name of the assertion will be ' Classification of Sales Transactions'.

f. This is Management assertion about presentation and disclosure . The name of the assertion will be ' Completeness of Sales and Receivables disclosure'.

g. This is Assertion about Account Balances . The name of the assertion will be ' Completeness of Accounts Receivable Account '.

ekkarill92 answered 6 hours ago

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