a-1, b-3, c-2, d-4
a-3, b-2, c-4, d-1
a-2, b-1, c-3, d-4
a-4, b-3, c-2, d-1
Answer is Right!
Answer is Wrong!
The correct answer is: A. a-1, b-3, c-2, d-4
Explanation:
- Existence means that assets and liabilities exist at the balance sheet date.
- Occurrence means that transactions and events have occurred during the reporting period and pertain to the entity.
- Completeness means that all transactions and events that should have been recorded have been recorded.
- Accuracy means that recorded amounts reflect the correct monetary value of the transactions and events.
- Classification means that transactions and events have been recorded in the proper accounts.
- Cut-off means that transactions and events have been recorded in the correct accounting period.
In this case, we are asked to match the assertions with the explanations. The correct match is as follows:
- a. Cut-off : Transactions and events have been recorded in the correct accounting period.
- b. Classification : Transactions and events have been recorded in proper accounts.
- c. Occurrence : Transactions and events have occurred during the reporting period and pertain to the entity.
- d. Existence : Assets and liabilities exist at the balance sheet date.
I hope this explanation is helpful. Please let me know if you have any other questions.