The balance sheet for a client shows a balance of $5,000. This is an example of which assertion:
A) completeness.
B) right and obligations.
C) valuation and allocation.
D) All of the above.

Question

Quizplus · Accepted Answer

The balance sheet showing a balance of $5,000 touches on all the mentioned assertions: completeness (all transactions are recorded), rights and obligations (the entity has a claim to its assets), and valuation and allocation (assets, liabilities, and equity are appropriately valued and allocated).

The Balance Sheet for a Client Shows a Balance of $5,000