In Examining Controls for Transactions and Events,which of the Following

question 13

Multiple Choice

In examining controls for transactions and events,which of the following assertions would be included:

• A)occurrence.
• B)completeness.
• C)valuation.
• D)all are included.

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Definitions:

Cash Payments

Transactions in which payment for goods, services, or obligations is made in cash at the time of the transaction or shortly thereafter.

Financing Activities

Transactions involving external sources of funding, including equity, debt, dividends, and repayment of loans, that are reported in the cash flow statement.

Cash Dividends

payments made to shareholders out of a company’s profits, distributed as cash.

Increase in Income Taxes Payable

An accounting term referring to a rise in the amount of income taxes a company owes to the government, yet has not paid.