Listed below are five assertion categories coded by the letters A through E.
-Recorded long-term debt balances represent debt that exists at the balance sheet date, and related income statement balances represent the effects of long-term debt transactions and events that occurred during the period.
A)Completeness
B)Existence or Occurrence
C)Rights and Obligations
D)Valuation or Allocation
E)Presentation and Disclosure

Question

Quizplus · Accepted Answer

The assertion "Existence or Occurrence" ensures that recorded long-term debt balances actually exist at the balance sheet date and that related income statement balances reflect actual transactions and events.

Listed Below Are Five Assertion Categories Coded by the Letters