Which of the following assertions address account balances at the period end:
A) completeness.
B) right and obligations.
C) existence.
D) All of the above.

Question

Quizplus · Accepted Answer

Completeness, right and obligations, and existence are all assertions related to account balances at the period end. Completeness ensures that all balances are included in the financial statements, right and obligations ensure that the entity has the rights to the assets and liabilities recorded in the financial statements, and existence ensure that the balances exist at the period end. Therefore, all of the above assertions address account balances at the period end.

Which of the Following Assertions Address Account Balances at the Period