Which assertion addresses whether the financial statements items are properly classified in the financial statements?
A) Completeness.
B) Existence.
C) Valuation.
D) Presentation and Disclosure.

Question

Quizplus · Accepted Answer

Presentation and disclosure refers to whether the financial statements items are properly classified and presented in the financial statements. This includes ensuring that all required disclosures are included and the information is presented clearly and accurately. Completeness refers to whether all transactions and balances have been recorded and Existence refers to whether the recorded transactions and balances actually exist. Valuation refers to whether the recorded transactions and balances are valued correctly.

Which Assertion Addresses Whether the Financial Statements Items Are Properly