Financial Statement Assertions

Question 1

Balances

Answer 1

Completeness (Undertstament of Liabilities)
Valuation/Allocation/Accuracy
Existence and Occurrence (Overstatement of Assets)
Rights and Obligations

Question 2

Transactions

Answer 2

Completeness
Cutoff
Valuation/Allocation/Accuracy
Existence (Balance Sheet) Occurrence (Income Statement)
Understandability and Classification (More C than U)

Question 3

Presentation & Disclosure

Answer 3

Completeness
Valuation/Allocation/Accuracy
Rights and Obligations
Understandability