Which assertion is common to both (i) classes of transactions and events for the period under audit and (ii) account balances at the period-end?
A)Classification
B)Completeness
C)Rights and obligation
D)Valuation and allocation

Question

Quizplus · Accepted Answer

Completeness is a common assertion for both classes of transactions and events for the period under audit and account balances at the period-end, as it concerns ensuring all transactions and account balances that should have been recorded are indeed recorded.

Which Assertion Is Common to Both (I) Classes of Transactions