Final answer:
The transaction-related audit objective of timing is indeed related to the assertion of cutoff, verifying that transactions are recorded in the correct accounting period.The transaction-related audit objective of timing is related to the assertion of cutoff. True.
Step-by-step explanation:
The transaction-related audit objective of timing is related to the assertion of cutoff. True
This means that the timing of transactions is important in determining whether they are recorded in the correct accounting period. For example, if a transaction occurs at the end of the month but is recorded in the following month, it would affect the financial statements for the wrong period. The audit objective of timing ensures that transactions are recorded in the appropriate accounting period to present accurate and reliable financial information.