Reasonableness of management's accounting estimates is covered by the existence or occurrence assertion.

Question

Quizplus · Accepted Answer

Reasonableness of management's accounting estimates is primarily related to the valuation and allocation assertion, not the existence or occurrence assertion, which pertains to whether assets or liabilities exist at a given date and whether recorded transactions have occurred during a given period.

Reasonableness of Management's Accounting Estimates Is Covered by the Existence