Listed below are five assertion categories coded by the letters A through E.
-The entity owns or has rights to all recorded plant assets at the balance sheet date.
A)Completeness
B)Existence or Occurrence
C)Rights and Obligations
D)Valuation or Allocation
E)Presentation and Disclosure

Question

Quizplus · Accepted Answer

The assertion that the entity owns or has rights to all recorded plant assets at the balance sheet date relates to the Rights and Obligations assertion. This assertion is concerned with whether the entity has the legal rights to the assets it reports and the obligations it has recorded.

Listed Below Are Five Assertion Categories Coded by the Letters