Which assertions may be tested for the "transactions and events" category of management assertions?
A)Existence, completeness, rights and obligations, accuracy, cutoff, classification, and presentation.
B)Occurrence, completeness, rights and obligations, accuracy, cutoff, and classification.
C)Occurrence, completeness, authorization, accuracy, cutoff, classification, and presentation.
D)Existence, rights and obligations, accuracy, authorization, and completeness.

Question

Quizplus · Accepted Answer

The transactions and events category of management assertions includes assertions related to the occurrence, completeness, authorization, accuracy, cutoff, classification, and presentation of transactions and events. Therefore, option C is the best choice as it includes all of these assertions. Option A includes all of these as well, but it also includes the assertion of rights and obligations which is not part of this category. Option B is missing the authorization assertion, and option D is missing the completeness assertion.

Which Assertions May Be Tested for the "Transactions and Events