Which of the following are assertions about the revenue process?
A)existence or occurrence - for 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
F)both A and B
G)both C and D
H)Both B and E

Question

Quizplus · Accepted Answer

Completeness and accuracy are key assertions related to the revenue process. Completeness ensures that all revenue transactions have been recorded, while accuracy pertains to the correct recording of these transactions in terms of amount, timing, and classification.

Which of the Following Are Assertions About the Revenue Process