Key assertions pertaining to the audit of credit sales are ________.
A)completeness and valuation
B)accuracy and occurrence
C)valuation and allocation
D)rights and obligations

Question

Quizplus · Accepted Answer

The key assertions pertaining to the audit of credit sales are accuracy and occurrence. Accuracy assertion ensures that the transactions are recorded accurately in the books of accounts and occurrence assertion ensures that the transactions actually took place and were recorded in the correct period. Completeness and valuation assertions relate more to the audit of accounts receivable as a whole, while allocation and rights and obligations do not directly relate to the audit of credit sales.

Key Assertions Pertaining to the Audit of Credit Sales Are