Which of the following assertions are usually the two most relevant assertions related to long-lived assets?
A)Existence and presentation.
B)Completeness and existence.
C)Existence and valuation.
D)Valuation and completeness.

Question

Quizplus · Accepted Answer

The two most relevant assertions related to long-lived assets are existence and valuation. Existence assertion ensures that the asset really exists and is owned by the company, while valuation assertion ensures that the asset is recorded at its correct value in the financial statements. Completeness and presentation assertions are also important, but they are more relevant to other types of accounts such as revenues and expenses.

Which of the Following Assertions Are Usually the Two Most