Which of the following assertions is described as "this assertion addresses whether all transactions that should be included in the financial statements are in fact included"?
A)Occurrence
B)Completeness
C)Rights and obligations
D)Existence

Question

Quizplus · Accepted Answer

Completeness assertion specifically ensures that all transactions that should be included in the financial statements are indeed included, which makes it the best choice. The other assertions are: occurrence (all transactions actually took place), rights, and obligations (assets and liabilities are rightfully owned by the company), and existence (assets and liabilities exist physically).

Which of the Following Assertions Is Described as "This Assertion