Control activities intended to ensure that transactions are recorded in the right period are designed to achieve the ASB assertion of
A) Occurrence.
B) Accuracy.
C) Valuation or allocation.
D) Cutoff.

Question

Quizplus · Accepted Answer

Control activities related to cutoff are designed to ensure that transactions are recorded in the correct accounting period. This supports accurate financial reporting and is important for ensuring the completeness and validity of financial statements. Therefore, the control activities related to cutoff are intended to meet the ASB assertion of cutoff.

Control Activities Intended to Ensure That Transactions Are Recorded in the Right