Ch. 13 - Assertions

Question 1

Balance sheet assertions:

Answer 1

1. Existence
2. Rights and Obligations
3. Completeness
4. Accuracy, valuation and allocation
5. Classification
6. Presentation

Question 2

Income statement assertions

Answer 2

1. Occurrence
2. Completeness
3. Accuracy
4. Cut-off
5. Classification
6. Presentation