Which assertion addresses whether the financial statement items are properly classified in the financial statements?
A)Completeness.
B)Existence.
C)Valuation.
D)Presentation and Disclosure.

Question

Quizplus · Accepted Answer

Presentation and Disclosure is concerned with the proper classification of financial statement items in the financial statements. It ensures that the financial statements are presented in a clear and understandable manner, with all necessary information disclosed to allow users to make informed decisions. Completeness refers to whether all transactions and events have been recorded and reflected in the financial statements, Existence ensures that the assets, liabilities, and equity interests actually exist and are owned by the entity, and Valuation deals with whether the amounts recorded in the financial statements for assets, liabilities, and equity interests are accurate and in accordance with accounting standards.

Which Assertion Addresses Whether the Financial Statement Items Are Properly