The Management Assertion That Is Concerned with Whether Recorded Transactions

question 15

Multiple Choice

The management assertion that is concerned with whether recorded transactions are real and actually happened is the:

• A) occurrence assertion.
• B) accuracy assertion.
• C) completeness assertion.
• D) cutoff assertion.

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Definitions:

Exact Simple Interest

Interest calculated precisely on the principal amount over a specific period, normally based on a 365-day year.

365-Day Year

A method of calculating interest that uses a fixed calendar year of 365 days for computations, commonly used in financial contexts.

Exact Simple Interest

Interest calculation method using a 365-day year that does not account for the effect of compounding.

365-Day Year

A method used for calculating interest based upon a calendar year, counting all 365 days (or 366 in a leap year), typically used for more precise financial calculations.