Cutoff tests designed to detect purchases made before the end of the year that have been recorded in the subsequent year provide assurance about management's assertion of:

a. Presentation and disclosure
b. Completeness
c. Rights and obligations
d. Existence

Question

10-12-2019
Business

contestada

Cutoff tests designed to detect purchases made before the end of the year that have been recorded in the subsequent year provide assurance about management's assertion of:

a. Presentation and disclosure
b. Completeness
c. Rights and obligations
d. Existence

Respuesta :

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Nyctalus Nyctalus · Answer 1 · 2019-12-10T09:53:15+01:00

Answer: completeness

Explanation: In simple words, assertion of completeness can be defined as the urge of the management of company to make sure that all the translocation that occurred during the year were receded properly and no significant transactions is left out or committed.

This tendency of management is considered a positive trait as omissions of transactions can result in incorrect financial results which can further loss investors or other such stakeholders.

In other words, the management wants to make sure that all transactions were recorded in the period in which they belong to.

Cutoff tests designed to detect purchases made before the end of the year that have been recorded in the subsequent year provide assurance about management's assertion of: a. Presentation and disclosure b. Completeness c. Rights and obligations d. Existence

Respuesta :

Otras preguntas

Cutoff tests designed to detect purchases made before the end of the year that have been recorded in the subsequent year provide assurance about management's assertion of:

a. Presentation and disclosure
b. Completeness
c. Rights and obligations
d. Existence