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• Transactions:

o Occurrence — the transactions actually took place

o Completeness — all transactions that should have been recorded have been recorded

o Accuracy — the transactions were recorded at the appropriate amounts

o Cutoff — the transactions have been recorded in the correct accounting period

o Classification — the transactions have been recorded in the proper accounts

• Accounts:

o Existence — assets, liabilities and equity balances exist

o Rights and Obligations — the entity holds or controls the rights to its assets and owes obligations to its liabilities

o Completeness — all assets, liabilities and equity balances that should have been recorded have been recorded

o Valuation and Allocation — assets, liabilities and equity balances are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded...

• Transactions:

o Occurrence — the transactions actually took place

o Completeness — all transactions that should have been recorded have been recorded

o Accuracy — the transactions were recorded at the appropriate amounts

o Cutoff — the transactions have been recorded in the correct accounting period

o Classification — the transactions have been recorded in the proper accounts

• Accounts:

o Existence — assets, liabilities and equity balances exist

o Rights and Obligations — the entity holds or controls the rights to its assets and owes obligations to its liabilities

o Completeness — all assets, liabilities and equity balances that should have been recorded have been recorded

o Valuation and Allocation — assets, liabilities and equity balances are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded...

General points of the essay

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