Rights and obligations are the only balance-related assertion without a similar transaction-related assertion.

Question

Quizplus · Accepted Answer

The statement is true. Rights and obligations refer to the entitlements and responsibilities of an entity, while transaction-related assertions refer to the accuracy and completeness of financial transactions. These two assertions are different but equally important in ensuring the overall reliability of financial statements.

Rights and Obligations Are the Only Balance-Related Assertion Without a Similar