If the auditor is testing long-lived asset account balances to see if they include all relevant transactions that have taken place during the period, what is the primary assertion being tested?
A) Presentation and Disclosure.
B) Existence.
C) Completeness.
D) Valuation.

Question

Quizplus · Accepted Answer

The primary assertion being tested when verifying long-lived asset account balances is completeness, which ensures that all relevant transactions have been recorded and that no significant transactions have been omitted from the financial statements. The auditor is checking to see if all assets that should be included in the account balance are indeed included.

If the Auditor Is Testing Long-Lived Asset Account Balances to See