{"id":32712,"date":"2024-04-15T09:05:45","date_gmt":"2024-04-15T09:05:45","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=32712"},"modified":"2024-04-15T09:05:45","modified_gmt":"2024-04-15T09:05:45","slug":"match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b\/","title":{"rendered":"Match the following in the term of Assertions and Explanation: List I (Assertions) List II (Explanations) a. Cut-off 1. Assets and liabilities exist b. Classification 2. Transactions and events have been recorded in proper accounts c. Occurrence 3. Transactions and events have been recorded in the correct accounting period d. Existence 4. Transactions and events that have been recorded, have occurred and pertain to the entity"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;a-1, b-3, c-2, d-4&#8243; option2=&#8221;a-3, b-2, c-4, d-1&#8243; option3=&#8221;a-2, b-1, c-3, d-4&#8243; option4=&#8221;a-4, b-3, c-2, d-1&#8243; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>A. a-1, b-3, c-2, d-4<\/strong><\/p>\n<p><strong>Explanation:<\/strong><\/p>\n<ul>\n<li><strong>Existence<\/strong> means that assets and liabilities exist at the balance sheet date.<\/li>\n<li><strong>Occurrence<\/strong> means that transactions and events have occurred during the reporting period and pertain to the entity.<\/li>\n<li><strong>Completeness<\/strong> means that all transactions and events that should have been recorded have been recorded.<\/li>\n<li><strong>Accuracy<\/strong> means that recorded amounts reflect the correct monetary value of the transactions and events.<\/li>\n<li><strong>Classification<\/strong> means that transactions and events have been recorded in the proper accounts.<\/li>\n<li><strong>Cut-off<\/strong> means that transactions and events have been recorded in the correct accounting period.<\/li>\n<\/ul>\n<p>In this case, we are asked to match the assertions with the explanations. The correct match is as follows:<\/p>\n<ul>\n<li><strong>a. Cut-off<\/strong> : Transactions and events have been recorded in the correct accounting period.<\/li>\n<li><strong>b. Classification<\/strong> : Transactions and events have been recorded in proper accounts.<\/li>\n<li><strong>c. Occurrence<\/strong> : Transactions and events have occurred during the reporting period and pertain to the entity.<\/li>\n<li><strong>d. Existence<\/strong> : Assets and liabilities exist at the balance sheet date.<\/li>\n<\/ul>\n<p>I hope this explanation is helpful. Please let me know if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;a-1, b-3, c-2, d-4&#8243; option2=&#8221;a-3, b-2, c-4, d-1&#8243; option3=&#8221;a-2, b-1, c-3, d-4&#8243; option4=&#8221;a-4, b-3, c-2, d-1&#8243; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[698],"tags":[],"class_list":["post-32712","post","type-post","status-publish","format-standard","hentry","category-auditing","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Match the following in the term of Assertions and Explanation: List I (Assertions) List II (Explanations) a. Cut-off 1. Assets and liabilities exist b. Classification 2. Transactions and events have been recorded in proper accounts c. Occurrence 3. Transactions and events have been recorded in the correct accounting period d. Existence 4. Transactions and events that have been recorded, have occurred and pertain to the entity<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Match the following in the term of Assertions and Explanation: List I (Assertions) List II (Explanations) a. Cut-off 1. Assets and liabilities exist b. Classification 2. Transactions and events have been recorded in proper accounts c. Occurrence 3. Transactions and events have been recorded in the correct accounting period d. Existence 4. Transactions and events that have been recorded, have occurred and pertain to the entity\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;a-1, b-3, c-2, d-4&#8243; option2=&#8221;a-3, b-2, c-4, d-1&#8243; option3=&#8221;a-2, b-1, c-3, d-4&#8243; option4=&#8221;a-4, b-3, c-2, d-1&#8243; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T09:05:45+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Match the following in the term of Assertions and Explanation: List I (Assertions) List II (Explanations) a. Cut-off 1. Assets and liabilities exist b. Classification 2. Transactions and events have been recorded in proper accounts c. Occurrence 3. Transactions and events have been recorded in the correct accounting period d. Existence 4. Transactions and events that have been recorded, have occurred and pertain to the entity","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b\/","og_locale":"en_US","og_type":"article","og_title":"Match the following in the term of Assertions and Explanation: List I (Assertions) List II (Explanations) a. Cut-off 1. Assets and liabilities exist b. Classification 2. Transactions and events have been recorded in proper accounts c. Occurrence 3. Transactions and events have been recorded in the correct accounting period d. Existence 4. Transactions and events that have been recorded, have occurred and pertain to the entity","og_description":"[amp_mcq option1=&#8221;a-1, b-3, c-2, d-4&#8243; option2=&#8221;a-3, b-2, c-4, d-1&#8243; option3=&#8221;a-2, b-1, c-3, d-4&#8243; option4=&#8221;a-4, b-3, c-2, d-1&#8243; correct=&#8221;option1&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T09:05:45+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b\/","url":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b\/","name":"Match the following in the term of Assertions and Explanation: List I (Assertions) List II (Explanations) a. Cut-off 1. Assets and liabilities exist b. Classification 2. Transactions and events have been recorded in proper accounts c. Occurrence 3. Transactions and events have been recorded in the correct accounting period d. Existence 4. Transactions and events that have been recorded, have occurred and pertain to the entity","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-15T09:05:45+00:00","dateModified":"2024-04-15T09:05:45+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-in-the-term-of-assertions-and-explanation-list-i-assertions-list-ii-explanations-a-cut-off-1-assets-and-liabilities-exist-b-classification-2-transactions-and-events-have-b\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"Commerce","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/commerce\/"},{"@type":"ListItem","position":4,"name":"Auditing","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/commerce\/auditing\/"},{"@type":"ListItem","position":5,"name":"Match the following in the term of Assertions and Explanation: List I (Assertions) List II (Explanations) a. Cut-off 1. Assets and liabilities exist b. Classification 2. Transactions and events have been recorded in proper accounts c. Occurrence 3. Transactions and events have been recorded in the correct accounting period d. Existence 4. Transactions and events that have been recorded, have occurred and pertain to the entity"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/32712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=32712"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/32712\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=32712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=32712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=32712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}