Confirming long-term debt relates to four assertions: existence or occurrence, completeness, rights and obligations, and valuation or allocation.

Question

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Confirming long-term debt involves verifying that the debt exists (existence or occurrence), ensuring all debt is recorded (completeness), confirming the entity is responsible for the debt (rights and obligations), and checking that the debt is correctly valued and allocated in the financial statements (valuation or allocation).

Confirming Long-Term Debt Relates to Four Assertions: existence or Occurrence