Key Assertions Pertaining to the Audit of Credit Sales Are

question 6

Multiple Choice

Key assertions pertaining to the audit of credit sales are ________.

• A)completeness and valuation
• B)accuracy and occurrence
• C)valuation and allocation
• D)rights and obligations

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Definitions:

Oral

Oral pertains to spoken words, in contrast to written or non-verbal communication, often used in contracts or agreements that are not recorded in written form.

Cashier's Checks

A check issued by a bank, drawn on its own funds rather than that of a personal account, and signed by a cashier or teller.

Drawer

In contractual terms, the party that writes or drafts a cheque or bill of exchange.

Payor Bank

A bank that is responsible for paying a check or draft drawn upon it by its customer.