Question

while performing tests of controls, thaw and associates, llp, traces a sample of cash receipts to postings in the correct customers’ subsidiary receivable account. this is a test of controls primarily providing evidence related to which management transaction assertion?

Answer 1

Classification Management transaction assertion is an illustration of a cash reception.

Management Assertions: What Are They?

Management assertions are statements made about certain elements of a firm by members of management. The idea is mostly applied to the audit of financial accounts of a firm, where the auditors rely on a number of assertions about the company.

Transaction assertion - what is it?

Sales, purchases, and wages paid during the accounting period are all considered transactions. All of the assets, liabilities, and equity interests listed in the statement of financial position at the period's conclusion are included in account balances. These include claims of existence, completeness, rights, and obligations, as well as of accuracy and value, presentation, and disclosure.

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