Reclassifying entries pertain primarily to the assertion:
A) existence or occurrence.
B) completeness.
C) valuation or allocation.
D) rights and obligations.
E) presentation and disclosure.

Question

Quizplus · Accepted Answer

Reclassifying entries are primarily related to the presentation and disclosure assertion. They ensure that transactions and balances are appropriately classified and described in the financial statements, aligning with the correct accounting standards and policies.

Reclassifying Entries Pertain Primarily to the Assertion