Transaction level assertions are made in relation to classes of transactions, such as revenues, expenses, dividend payments, etc.
There are five types of transaction-level assertions:
● Occurrence: Transactions that are recognized in the financial records have occurred, i.e.,did it really happen?
● Completeness: Transactions that are completed and supposed to be recorded have beenrecognized in the financial statements, i.e., did it include all transactions?
● Accuracy: Transactions have been accurately reflected within the financial statements atappropriate amounts, i.e., have correct prices, quantities, and calculations been used?
● Cut-off: Transactions have been recognized in correct and relevant accounting periods.
● Classification: Transactions have been classified properly and fairly presented in thefinancial statements.
