Frankinfurter Limited decided that it wanted to improve earnings.To do this,it understated its expenses by omitting unpaid expenses from the accrued liabilities account at year end.Which management assertion has been violated?
A)existence
B)disclosure
C)rights and obligations
D)completeness

Question

Quizplus · Accepted Answer

By omitting unpaid expenses, Frankinfurter Limited violated the completeness assertion, which requires financial statements to include all necessary information for a complete and accurate representation of the company's financial position.

Frankinfurter Limited Decided That It Wanted to Improve Earnings