Assertions about presentation and disclosure typically include _______.
A)completeness, accuracy and valuation, and classification and understandability
B)existence, rights and obligations, and cutoff
C)cutoff, presentation, and disclosure
D)cutoff, accuracy, and valuation

Question

Quizplus · Accepted Answer

Assertions about presentation and disclosure typically include completeness (all necessary information is provided), accuracy and valuation (information is presented in a truthful and accurate manner), and classification and understandability (information is organized in a manner that is clear and understandable to users). Option B pertains to assertions related to transactions and balances, while option C is too broad and does not capture specific assertions related to presentation and disclosure. Option D includes accuracy and valuation, but is missing completeness and classification and understandability.

Assertions About Presentation and Disclosure Typically Include _______