Question 10 Assertions about account balances at year-end typically include _______. A. existence, completeness, and allocation...
Question 10
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Assertions about account balances at year-end typically include _______.
A. existence, completeness, and allocation
B. existence, completeness, and rights and obligations
C. existence, occurrence, and cutoff
D. accuracy, valuation, and occurrence
Homework Answers
B Existence : means that any asset, liability or equity account and dollar balance on the financial statements actually exist as of the balance sheet date.
Completeness : All balances as of the balance sheet date are complete and include all transaction that occurred during the year.
Rights and obligations : The balance reflects assets the company owns or the obligations the company owes.
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Question 10
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