Assertions

This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.

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October 29, 2019 at 1:35 pm #551145
ikmughal28
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Hi

need to ask that can we use “cut-off” assertion for both trade payables and receivables or is it just for P&L items??

Thanks
October 29, 2019 at 2:40 pm #551148
Kim Smith
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Cut-off relates to transactions (recorded in the correct accounting period) but this then contributes to existence/completeness assertions about account balances e.g. if a sale post-y/e is recorded pre-y/e the receivable did not exist at the reporting date.
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