The specific account balance audit objective, plant asset balances include the effects of all applicable transactions for the period, relates to the: A) rights and obligations assertion. B) completeness assertion. C) existence or occurrence assertion. D) valuation or allocation assertion. E) presentation or disclosure assertion.

Question

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The objective that plant asset balances include the effects of all applicable transactions for the period relates to the completeness assertion. This assertion ensures that all transactions and events that should have been recorded have been recorded, including all necessary details related to plant assets.

The Specific Account Balance Audit Objective, plant Asset Balances Include