Ensuring that all property,plant and equipment owned by the entity at year-end are included on the balance sheet relates to which assertion?
A)Classification
B)Rights and obligations
C)Completeness
D)Existence

Question

Quizplus · Accepted Answer

The completeness assertion ensures that all transactions and balances that should be recorded have been recorded. In this case, ensuring that all property, plant, and equipment owned by the entity at year-end are included on the balance sheet is ensuring completeness.

Ensuring That All Property,plant and Equipment Owned by the Entity