(AUD) Key differences among assertions for “account balances”, “transactions and events”, “presentation and disclosure”:
 
　　Account balances：
　　a.Completeness
　　b.Allocation & Valuation
　　c.Rights & Obligations
　　d.Existence
　　e.Understandability &Classification
　　Transactions and events：
　　a.Completeness
　　b.Allocation & Valuation
　　c.Cutoff
　　d.Existence
　　Presentation and disclosure：
　　a.Completeness
　　b.Allocation & Valuation
　　c.Rights & Obligations
　　d.Understandability & Classification
 
　　Instructor’s Tips:
　　1)NO “cutoff” under “transactions and events”, it is apparent that “ending balance” in balance sheet” does NOT have Cutoff problem.
　　2)No “existence” under “presentation and disclosure”. Disclosures are usually notes,illustration.etc. There is no “existence” related issues.
　　3)On AICPA exam, questions like “which one below is not relevant assertion for account balances are frequently tested. Candidates will have to pick out which one is the correct answer.　　
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