Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Chapter 10, Problem 3RQSC

Match the following assertions with their associated description: (a) existence/occurrence, (b) completeness. (c) rights and obligations, (d) valuation or allocation, (e) presentation and disclosure.
1. Cash accounts arc properly classified on the balance sheet and disclosed in the notes to the financial statements.
2. Cash balances exist at the balance sheet date.
3. The recorded balances reflect the true underlying economic value of those assets.
4. The company has title to the cash accounts as of the balance sheet date.
5. Cash balances include all cash transactions that have taken place during the period.

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