The cut-off assertion means that the entity holds or controls the rights to assets and liabilitiare the obligations of the entity.

Name: The cut-off assertion means that the entity holds or controls the rights to assets and liabilitiare the obligations of the entity.
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Question

Quizplus · Accepted Answer

The cut-off assertion relates to the timing of transactions, ensuring they are recorded in the correct accounting period, not about rights or obligations of assets and liabilities.

The Cut-Off Assertion Means That the Entity Holds or Controls