Which of the Following Is Not an Assertion Used for Transactions

question 70

Multiple Choice

Which of the following is not an assertion used for transactions and events?

• A) cut-off
• B) existence
• C) classification
• D) occurrence

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Definitions:

Discounted

Reduced in price or reflecting the present value of future cash flows when taking into account the time value of money.

Present Value

The value today of a future amount of money or series of payments, adjusted for a specific return rate.

Discounted

The process of determining the present value of a payment or stream of payments that will be received in the future.

Present Value

The current value of a future amount of money or stream of cash flows, given a specified rate of return.