acct 241 assertions

assets included in accounts exists and events that give rise to transactions have taken place

entity has legal claim on all assets and revenues reported and has a legal responsibility fo all liabilities and expenses

all transactions have been recorded

transactions are recorded at the correct amount in the proper period

all accounts are presented in the appropriate place and all information required has been disclosed in the statements and footnotes

events giving rise to transactions have taken place

all transactions have been recorded and are recorded in the appropriate period

transactions are recorded at the correct amount

transactions have posted to the proper account

balances include only assets exist

• entity has legal claim on all assets and revenues reported
• entity has a legal responsibility for all liabilities and expenses

balances include all items

balances included items recorded in the proper period at the proper amount

items presented include information regarding ownership

all accounts are included

• all accounts are appropriately grouped
• users can comprehend statements and disclosures

statements include proper measurements