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 |
A. a-1, b-3, c-2, d-4
B. a-3, b-2, c-4, d-1
C. a-2, b-1, c-3, d-4
D. a-4, b-3, c-2, d-1
Answer: Option B
Related Questions on Auditing
A. 2, 1, 3, 4, 5
B. 1, 2, 3, 4, 5
C. 5, 1, 4, 3, 2
D. 4, 1, 3, 2, 5
Auditing and accounting are concerned with which of the following financial statements?
A. Auditing uses the theory of evidence to verify the financial information made available by accountancy
B. Auditing lends credibility dimension and quality dimension to the financial statements prepared by the accountant
C. Auditor should have a thorough knowledge of accounting concepts and convention to enable opinion on financial statements
D. All of the above
In how many days from the registration, the first Auditor of the Company be appointed?
A. 10
B. 20
C. 30
D. 60
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