Which Assertions May Be Tested for the "Transactions and Events

question 87

Multiple Choice

Which assertions may be tested for the "transactions and events" category of management assertions?

• A)Existence, completeness, rights and obligations, accuracy, cutoff, classification, and presentation.
• B)Occurrence, completeness, rights and obligations, accuracy, cutoff, and classification.
• C)Occurrence, completeness, authorization, accuracy, cutoff, classification, and presentation.
• D)Existence, rights and obligations, accuracy, authorization, and completeness.

---

Definitions:

Consumer Debtors

Individuals or entities that owe money for personal, as opposed to business, expenses.

Chose In Action

The thing or benefit that is transferred in an assignment; intangible personal property, such as a claim or the right to sue.

Personal Property Security Act

Legislation that outlines the rules for creating and enforcing security interests in personal property, offering a way for creditors to secure repayment of debt.

Attachment

A legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor.