All account balances should demonstrate the following assertions:
A)completeness,accuracy,classification,and valuation and allocation
B)valuation and allocation,rights and obligations,completeness,and existence
C)rights and obligations,completeness,accuracy,classification
D)classification,value and allocation,existence,and rights and obligations

Question

Quizplus · Accepted Answer

The key assertions for account balances are valuation and allocation, rights and obligations, completeness, and existence. These assertions ensure that the financial statements are accurate and reliable.

All Account Balances Should Demonstrate the Following Assertions