Assertions to be checked for trade receivables.

Question

Accepted Answer

Assertions for trade receivables include existence, completeness, valuation, rights and obligations, and presentation and disclosure.

Existence - Ensure that the trade receivables actually exist and are not fictitious.
Completeness - Confirm that all trade receivables are included and nothing is omitted.
Valuation - Verify that trade receivables are recorded at their correct value.
Rights and obligations - Ensure that the entity has the legal right to collect the trade receivables.
Presentation and disclosure - Check that trade receivables are properly presented and disclosed in the financial statements.

Accepted Answer

1.Existence
2.Rights and Obligations.
3.Complteness
4. Valuation and allocation.