Presentation and disclosure assertions imply that all transactions and balances are properly presented, disclosures represent what actually happened, and the footnote disclosures are appropriate and adequate.

Question

Quizplus · Accepted Answer

Presentation and disclosure assertions are made to ensure that financial statements accurately represent the transactions and balances of an organization, as well as that the footnote disclosures provide sufficient information. Therefore, the answer is true.

Presentation and Disclosure Assertions Imply That All Transactions and Balances