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8 Cards in this Set
- Front
- Back
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Define valuation assertion |
All capital repairs are valued correctly & disclosed correctly (Valuation refers to B/S accounts) |
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Define allocation assertion |
All repair and improvement transactions are allocated to the period benefited ( Footnote too) |
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Define completeness assertion |
All repair and improvement transactions and balances are complete- all records that should have been recorded are recorded. In addition, all disclosures are complete. |
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Define cutoff assertion |
All repair and improvement transactions are recorded in the proper period. |
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Define presentation assertion |
All capitalized repairs are reported as increase to the asset or additions |
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Define disclosure assertion |
All capitalized repairs are reported in the footnotes to the financial statements |
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Define existence / occurrence assertion |
All recorded repairs are valid transactions |
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Define rights and obligations assertion |
All capitalized repairs and improvements are owned by the company |
