Reviewing notes paid or renewed after the balance sheet date to determine if there are unrecorded liabilities at year-end can be used to test the assertion of

Question

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Reviewing notes paid or renewed after the balance sheet date is used to test the completeness assertion, as it ensures that all liabilities at year-end have been included in the financial statements. The existence assertion relates to whether assets and liabilities actually exist, rights and obligations concern whether the entity has legal right to the assets and obligations recorded, and valuation and allocation pertain to whether assets are recorded at their appropriate values.

Reviewing Notes Paid or Renewed After the Balance Sheet Date