Which assertion relates mainly to the possible understatement of financial statement balances through the omission of items that exist or of the effects of transactions that occurred?
A)Existence.
B)Rights and obligations.
C)Completeness.
D)Accuracy, valuation and allocation.

Question

Quizplus · Accepted Answer

Completeness assertion relates to ensuring that all transactions and accounts that should be presented in the financial statements are included, addressing the risk of understatement through omission.

Which Assertion Relates Mainly to the Possible Understatement of Financial