Listed below are five assertion categories coded by the letters A through E.
-Recorded plant assets represent productive assets that are in use at the balance sheet date.
A)Completeness
B)Existence or Occurrence
C)Rights and Obligations
D)Valuation or Allocation
E)Presentation and Disclosure

Question

Quizplus · Accepted Answer

Existence or Occurrence assertion ensures that assets listed in the financial statements actually exist at the balance sheet date, which directly relates to the statement about recorded plant assets being in use.

Listed Below Are Five Assertion Categories Coded by the Letters