'All Assets, Liabilities and Equity Interests That Should Have Been

question 22

Multiple Choice

'All assets, liabilities and equity interests that should have been recorded have been recorded' relates to which management assertion?

• A) Rights and obligations
• B) Existence or occurrence
• C) Valuation and allocation
• D) Completeness

---

Definitions:

Federal Depository Banks

Banks that are authorized to hold deposits for the Federal Reserve System, facilitating the federal government's cash management and payments.

FUTA

The Federal Unemployment Tax Act, which imposes a payroll tax on employers in order to fund state workforce agencies and unemployment insurance.

Federal Depository Bank

A Federal Depository Bank is a financial institution authorized by the federal government to hold and manage the funds of the U.S. Treasury and other government entities.

Overdue Account Payable

An obligation owed by a company to a supplier for which payment has not been made within the agreed upon timeframe.