lObjective 6-6) The following are various management assertions (a. through m.)
related to sales and accounts receivable.
Management Assertion
a. Recorded sales transactions have occurred.
b. There are no liens or other restrictions on accounts receivable.
c. All sales transactions have been recorded.
d. Receivables are appropriately classified as to trade and other receivables in the financial statements and are clearly described.
e. Sales transactions have been recorded in the proper period.
f. Accounts receivable are recorded at the correct amounts.
g. Sales transactions have been recorded in the appropriate accounts.
h. All required disclosures about sales and receivables have been made.
i. All accounts receivable have been recorded.
j. Disclosures related to receivables are at the correct amounts.
k. Sales transactions have been recorded at the correct amounts.
1. Recorded accounts receivable exist.
m. Disclosures related to sales and receivables relate to the entity.
a. Explain the differences among management assertions about classes of transactions and events, management assertions about account balances, and management assertions about presentation and disclosure.
b. For each assertion, indicate whether it is an assertion about classes of transactions and events, an assertion about account balances, or an assertion about presentation and disclosure.
c. Indicate the name of the assertion made by management. (Hint: See Table 6-2)

The management assertions for the given parts is explains below.

What is assertion?

Management assertions are statements made about specific elements of a business by members of management. The idea is mainly applied to the auditing of financial statements of a company, where the auditors rely on various business assertions.

Consider, the following.

(a) Recorded sales transactions have been recorded

          Category of management.              Classes of transactions                

           Name of assertion.          .               Occurance

(b)  There are no lines are other restrictions in accounts receivable

          Category of management.             Account balances                

          Name of assertion.                          Rights and obligations.          

(c) All sales transactions have been recorded

           Category of management.             Classes of transactions                

            Name of assertion.                        Completeness

(d) Receivables are appropriately classified as to trade and other receivables in the financial  statements and are clearly described.

       Category of management.              Presentation and disclosure

       Name of assertion.                        Classification and understandabilty

(e) sales transactions have been recorded in proper period

         Category of management.                   Classes of transactions.            

          Name of assertion.                               Cut off.  

(f) Account receivables recorded at correct amounts

         Category of management.                  Account balances      

         Name of assertion.                              Valuation and allocation

(g) sales transactions recorded at appropriate accounts

         Category of management.                 Class of transactions                

          Name of assertion.                            Classification

(h) All required disclosure about sales and receivables are at recorded amounts

     Category of management.                 Presentation and disclosure                  

     Name of assertion.                             Completeness

(k) Sales transactions have been recorded at correct amounts

        Category of management.                   Account balances                  

        Name of assertion.                         Completeness

(L) Recorded accounts receivable exist

        Category of management.                Account balances.                  

        Name of assertion.                            Existence

(m) Disclosure related to sales and receivable relate to entity

         Category of management.               Presentation and disclosure                

         Name of assertion.                           Occurance and obligation

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