Substantiating asset disposals with supporting documentation is a test of details of transactions. Which assertion is most likely satisfied?
A) existence
B) completeness
C) accuracy, valuation, and allocation
D) all of the above

Question

Quizplus · Accepted Answer

Substantiating asset disposals with supporting documentation as a test of details of transactions helps to verify that the assets recorded in the financial statements actually exist (existence), that all disposals have been recorded (completeness), and that the disposals are recorded accurately in terms of value and are allocated correctly in the financial statements (accuracy, valuation, and allocation).

Substantiating Asset Disposals with Supporting Documentation Is a Test of Details