Which of the following is not an assertion used for transactions and events?
A)existence
B)occurrence
C)cut-off
D)classification

Question

Quizplus · Accepted Answer

Existence is an assertion used for account balances and asset ownership, not for transactions and events. Occurrence, cut-off, and classification are assertions related to transactions and events, ensuring they have occurred, are recorded in the correct accounting period, and are properly classified, respectively.

Which of the Following Is Not an Assertion Used for Transactions