If the bank reconciliation is incorrect the assertion violated would be:
A)accuracy, valuation and allocation.
B)existence.
C)rights and obligations.
D)completeness.

Question

Quizplus · Accepted Answer

The accuracy, valuation, and allocation assertion is violated when the bank reconciliation is incorrect. This is because the bank reconciliation is used to ensure that the bank statement and the company's records are in agreement. If the bank reconciliation is incorrect, then the company's records may not be accurate, the assets may not be valued correctly, and the expenses may not be allocated correctly.

If the Bank Reconciliation Is Incorrect the Assertion Violated Would