List and define the assertions about account balances at the period end
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total answers (1)
Accounting
- Assertion Definition Existence: Assets, liabilities, and equity interests exist.
- Completeness: All assets, liabilities, and equity interests that should have been recorded Valuation and Allocation: Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are recorded appropriately.
need an explanation for this answer? contact us directly to get an explanation for this answerRights and Obligations: The entity holds or controls the rights to assets, and liabilities are the obligations of the entity.