Reprocessing of transactions helps establish that all valid items have been recorded.Reprocessing tests which of the following assertions?
A)Occurrence.
B)Rights.
C)Existence.
D)Completeness.

Question

Quizplus · Accepted Answer

Reprocessing transactions helps establish that all valid items have been recorded, thereby testing the completeness assertion. The completeness assertion states that all transactions and accounts that should be recorded in the financial statements are recorded. Thus, reprocessing transactions provides evidence that all recorded transactions are complete.

Reprocessing of Transactions Helps Establish That All Valid Items Have