The emphasis is on the completeness assertion because financial statement users tend to be more concerned about understated expenses and liabilities than overstated.

Question

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Financial statement users are more concerned about the completeness assertion because if expenses or liabilities are understated, it could lead to a misrepresentation of the company's financial position and performance. It is essential to ensure that all transactions and events are recorded and presented in a comprehensive and accurate manner. Overstated expenses or liabilities may impact the company's profitability, but it is not as critical as understating them.

The Emphasis Is on the Completeness Assertion Because Financial Statement