Assertions about account balances at the period end include:
A)existence, completeness, and accuracy.
B)existence, completeness, and classification.
C)existence, rights and obligations, and completeness.
D)existence, rights and obligations, and classification.

Question

Quizplus · Accepted Answer

Assertions about account balances at the period end include existence, rights and obligations, and completeness. These assertions help ensure that the balances actually exist, the entity has the rights to the assets or is obligated for the liabilities, and all items that should be recorded have been included.

Assertions About Account Balances at the Period End Include