Below Are Several of the ASB Management Assertions

question 18

Short Answer

Below are several of the ASB management assertions.
A. Occurrence
B. Completeness
C. Rights and obligations
D. Allocation or valuation
E. Classification
F. Existence
G. Cutoff
H. Accuracy
I. Understandability
For each of the following control activities, identify the management assertion that best applies by placing the correct letter in the blank space above.
____ 1. Match shipping documents with sales invoices before a sale is recorded.
____ 2. Balance total of individual customers' receivables with the control account.
____ 3. Sales manager approves taking discounts.
____ 4. Computer check for billing the quantity shipped, list price, and total.
____ 5. Account for numerical sequence of pre-numbered shipping documents

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Definitions:

Suppliers Availability

The readiness and ability of suppliers to provide the necessary goods and services as demanded by the purchasing organization.

Transportation Services

Services that include the movement of goods and people from one location to another using various modes of transport.

Infrastructure

The fundamental facilities and systems serving a country, city, or area, including the services and facilities necessary for its economy to function, such as transportation and communication systems, water and power lines.

Fixed Costs

Expenses that do not change with the level of goods or services produced, such as rent, salaries, and equipment leases.