{"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>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9aa4529a6d0\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    a-1, b-3, c-2, d-4                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    a-3, b-2, c-4, d-1                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    a-2, b-1, c-3, d-4                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    a-4, b-3, c-2, d-1                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--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 <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> 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>Join Our Telegram Channel Subscribe on YouTube<\/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":[],"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. 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