The completeness assertion addresses:
A) the possibility of omitting transactions that should have been recorded.
B) whether all transactions that should be included in the financial statements are in fact included.
C) matters that are the opposite of those addressed by the occurrence assertion.
D) all of the above

Question

Quizplus · Accepted Answer

The completeness assertion ensures that all transactions and events that should have been recorded are indeed included in the financial statements. This includes concerns about omitting necessary transactions (A), ensuring all required transactions are included (B), and it inherently addresses matters opposite to the occurrence assertion, which focuses on whether recorded transactions have actually occurred (C).

The Completeness Assertion Addresses