Which of the following assertions are usually the two most relevant assertions related to long-lived assets?
A) Existence and Presentation.
B) Completeness and Existence.
C) Existence and Valuation.
D) Valuation and Completeness.

Question

Quizplus · Accepted Answer

The two most relevant assertions related to long-lived assets are usually Existence and Valuation. Existence confirms that the assets actually exist and Valuation deals with whether the assets are recorded at their correct value. Completeness and Presentation are usually more relevant to other areas of the financial statements such as liabilities and equity.

Which of the Following Assertions Are Usually the Two Most