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

Question

Quizplus · Accepted Answer

Existence or occurrence and completeness are both assertions that apply to both classes of transactions and account balances in the revenue process. Valuation and allocation, rights and obligations, and accuracy are also important assertions, but they do not apply to both classes of transactions and account balances.

Which of the Following Are Assertions About the Revenue Process