Assume that a client has a December 31 yearend, and it recorded a January shipment of...

Assume that a client has a December 31 yearend, and it recorded a January shipment of goods as a December sale. This most directly violates which of the following assertions with regard to sales?

A. CUT OFF

B. COMPLETENESS

C. ACCURACY

D. PRESENTATION AND DISCLOSURE

Solutions

Expert Solution

Ans is A Cut off

Reason:-

Cut off assertion focuses on recording the revenue in the period where it belongs. Here goods are shipped in January but still recorded as sales of December, show

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the violation of cut off assertion.

ekkarill92 answered 1 year ago

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