Understanding the management assertions related to a specificcontrol is an important factor in preparing...

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Accounting

Understanding the management assertions related to a specificcontrol is an important factor in preparing the tests of controls.Using the assertions provided below, select the managementassertion(s) that relates to the purpose of the controls in thetable. (A management assertion may be selected once, more thanonce, or not at all.)
Management Assertions
(a) Existence or occurrence
(b) Completeness
(c) Rights and obligations
(d) Valuation or allocation
(e) Presentation and disclosure
(f) Authorization
(g) Cutoff
Purpose of Control
Management Assertion
To ensure that credit is approved before a sale is executed andservice is provided or goods are shipped
To ensure that transactions shown as sales are properlyclassified
To ensure that when cash receipts are recorded they show cashthat was actually received by the company and deposited
To ensure that cash receipts transactions are properly posted tothe accounts receivable subsidiary ledger and general ledger
To ensure that all cash received by the company is deposited andrecorded in the cash receipts journal and that amounts and details,including the date, are shown correctly
To ensure that sales transactions are recorded based on thecorrect dates

Purpose of Control	Management Assertion
To ensure that credit is approved before a sale is executed andservice is provided or goods are shipped
To ensure that transactions shown as sales are properlyclassified
To ensure that when cash receipts are recorded they show cashthat was actually received by the company and deposited
To ensure that cash receipts transactions are properly posted tothe accounts receivable subsidiary ledger and general ledger
To ensure that all cash received by the company is deposited andrecorded in the cash receipts journal and that amounts and details,including the date, are shown correctly
To ensure that sales transactions are recorded based on thecorrect dates

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In: AccountingUnderstanding the management assertions related to a specificcontrol is an important factor in preparing the...Understanding the management assertions related to a specificcontrol is an important factor in preparing the tests of controls.Using the assertions provided below, select the managementassertion(s) that relates to the purpose of the controls in thetable. (A management assertion may be selected once, more thanonce, or not at all.)Management Assertions(a) Existence or occurrence(b) Completeness(c) Rights and obligations(d) Valuation or allocation(e) Presentation and disclosure(f) Authorization(g) CutoffPurpose of ControlManagement AssertionTo ensure that credit is approved before a sale is executed andservice is provided or goods are shippedTo ensure that transactions shown as sales are properlyclassifiedTo ensure that when cash receipts are recorded they show cashthat was actually received by the company and depositedTo ensure that cash receipts transactions are properly posted tothe accounts receivable subsidiary ledger and general ledgerTo ensure that all cash received by the company is deposited andrecorded in the cash receipts journal and that amounts and details,including the date, are shown correctlyTo ensure that sales transactions are recorded based on thecorrect dates