Which management assertion determines that transactions and related asset accounts balances are actually owned and that liability account balances represent actual obligations?
A)Valuation and Allocation
B)Existence
C)Rights and Obligations
D)Classification and Presentation

Question

Quizplus · Accepted Answer

The Rights and Obligations management assertion specifically addresses whether the organization actually owns the assets and whether the liabilities represent actual obligations.

Which Management Assertion Determines That Transactions and Related Asset Accounts