Consider the following financial statement assertions:
-Scan, review, or prepare bank reconciliations as appropriate.
A)EO ─ Existence or Occurrence
B)VA ─ Valuation or Allocation
C)C ─ Completeness
D)RO ─ Rights and Obligations
E)PD ─ Presentation and Disclosure
F)EO, C and VA
G)EO, VA, C, and PD
H)EO, VA and RO
I)EO, C and RO
J)EO, VA, C, RO, and PD
K)EO, VA, C and RO

Question

Quizplus · Accepted Answer

Scanning, reviewing, or preparing bank reconciliations helps ensure that cash balances are correctly reported and all transactions are recorded, addressing Existence or Occurrence (EO), Valuation or Allocation (VA), Completeness (C), and Rights and Obligations (RO).

Consider the Following Financial Statement Assertions