For the long-term debt and owner's equity process,management asserts that long-term debt and owner's equity exist at the balance sheet date and that transactions recorded for the long-term debt and owner's equity process occurred during the year.

Question

Quizplus · Accepted Answer

This assertion is true because management is stating that the long-term debt and owner's equity balances on the balance sheet are accurate and that any transactions related to these accounts were properly recorded during the year. This assertion helps to ensure the completeness and accuracy of the financial statements.

For the Long-Term Debt and Owner's Equity Process,management Asserts That