Listed below are five assertion categories coded by the letters A through E.
-Long-term debt and related income statement balances and stockholders' equity balances are properly valued in accordance with GAAP.
A)Completeness
B)Existence or Occurrence
C)Rights and Obligations
D)Valuation or Allocation
E)Presentation and Disclosure

Question

Quizplus · Accepted Answer

Valuation or Allocation is the assertion category that directly relates to ensuring long-term debt, related income statement balances, and stockholders' equity balances are properly valued in accordance with GAAP. This assertion ensures that all transactions and events have been included in the financial statements at appropriate amounts.

Listed Below Are Five Assertion Categories Coded by the Letters