Question: For each possible risk listed below , identify the assertion that we are concerned about with respect to revenues related to classes of transactions &
For each possible risk listed below , identify the assertion that we are concerned about with respect to revenues related to classes of transactions & events during the period
Assertion list: Occurrence: Completeness:
Authorization:
Accuracy:
Cutoff:
Classification:.
Presentation:
1: Invoices for goods sold are posted to incorrect customer accounts.
Assertion:
2:Goods ordered by customers are shipped but are not billed to anyone.
Assertion:
3. Invoices are sent for shipped goods but are not recorded in the sales journal.
Assertion:
4. Invoices are sent for shipped goods and are recorded in the sales journal but are not posted to any customer account.
Assertion:
5. Credit sales are made to individuals with unsatisfactory credit ratings.
Assertion:
6. Goods are removed from inventory for unauthorized orders.
Assertion:
7. Goods shipped to customers do not agree with goods ordered by customers.
Assertion:
8. Customers checks are received for less than the customers full account balance but the customers full account balances are credited.
Assertion:
9. Different customer accounts are each credited for the same cash receipt.
Assertion:
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