Can you state and explain the meaning of four assertions that relate to the direct confirmation of receivables?

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Explain four assertions relevant to accounts payable at year end date?
Posted by:
Frank Mwansa
11-February-2016

Auditing Internal Audit

Question added by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
Date Posted: 2016/02/25

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1 Answers

by Andrei Murgea , MANAGER , Sarbanes Oxley Ac

Occurrence- all receivables recorded belong to the entity

Completeness- ensure that receivables are recorded completely

Accurate- ensure that receivables are recorded correctly and any discounts rebates or other credit notes are accounted for

Cutoff- Receivables are recorded in the appropriate period

Classification- The types of receivables have been recorded in the appropriate accounts

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