Which of the following are assertions about the revenue process?
A)existence or occurrence - for both classes of transactions and account balances
B)completeness - account balances
C)valuation and allocation - for account balances
D)rights and obligations - for classes of transactions and account balances
E)accuracy - for classes of transactions and account balances
F)both A and C
G)both B and D

Question

Quizplus · Accepted Answer

Existence or occurrence applies to both classes of transactions and account balances, while valuation and allocation only apply to account balances. Completeness only applies to account balances in the revenue process, and accuracy does not apply specifically to a certain class of transaction or account balance. Finally, rights and obligations apply to both classes of transactions and account balances, making option G incorrect. Thus, the best option is F - both A and C.

Which of the Following Are Assertions About the Revenue Process