George Malinowski was trying to check whether the receivables of Cosentino Distributors were being carried at their net realizable value. His objective was to fulfill which assertion?
A) completeness
B) valuation and allocation
C) existence
D) none of the above

Question

Quizplus · Accepted Answer

George Malinowski was trying to check whether the receivables of Cosentino Distributors were being carried at their net realizable value, which is related to the valuation and allocation assertion. Completeness is related to ensuring that all transactions are recorded, existence is related to ensuring that the assets exist and are owned by the company. None of these are the objective of George Malinowski.

George Malinowski Was Trying to Check Whether the Receivables of Cosentino