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state the assertions for class of transactions
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What does the accounting process begins with?
transactions and events
What are the four amounts used in measuring transactions and events?
currency rate,money circulation,current assets,fixed assets
Accountants do most of the work involved in recording financial events and transactions but the actual classifying and interpreting of this data is left to financial managers true or false?
true
How do you record transactions?
Could you demonstrate on how to record transactions
What is mean by principle substance over form?
Substance over form is an accounting principle used to ensure that the financial statements reflects the complete, relevant and accurate picture of the transactions and events
What are the four classes of transactions?
A useful way to think about the assertions is: Classes of transactions - assertions pertaining to the income statement (profit and loss account) Account balances - assertions pertaining to statement of financial position (balance sheet) Presentation and disclosure - speaks for itself. So when there is a figure for an expense in the income statement, the auditor needs to check that: > The expenses occurred and relates to the entity > The expense amount is complete i.e. all expenses have been recorded/accrued > The amount is accurate > The cut-off is correct (for example purchases/inventory) > The expense has been properly classified
The difference between event and transaction and why?
transactions is exchange of an asset with consideration of money value while events is any thing in general purpose which occur at specific time and particular place. all transactions are events but not events are transactions. this is due that in order events to be called transactions must involve exchange of values
What does the accounting process begins with?
transactions and events
Are all economic events business transactions?
yes
The accounting process is concerned with internal and external transactions representing economic events?
The accounting process is concerned with both: internal and external transactions representing economic events.
When a company uses special journals the general journal is used for selected transactions and events including?
When a company uses special journals, the general journal is used for selected transactions and events that do not fit into any of the specific categories of the special journals. These could include recording adjusting entries, correcting errors, or any unique transactions that don't have a designated special journal.
What is the part of the hand that is used in making assertions?
The part of the hand used in making assertions is the palm.
What are the release dates for Assertions - 2013?
Assertions - 2013 was released on: USA: 14 October 2013
What are the new events in 2012 Olympics?
Women's Boxing will be 3 new events for the different weight classes
What is the money measurement assumption in acccounting?
In accounting, only those business transactions and events which are of financial nature are recorded
What is the relationship between accounting and history?
In business, accounts are a history of transactions. In life in general, accounts are a history of events.
What Is The Different Between Bookkeeping And Accounting?
Bookkeeping simply concerns with the recording of transactions in the books of accounts while accounting records, sums up, examines and communicates the financial data/transactions/economic events.
