Three key management assertions about items on the balance sheet are ________.
A)occurrence,completeness,and accuracy
B)classification,existence,and cut-off
C)confirmation,presentation,and disclosure
D)existence,completeness,and presentation

Question

Quizplus · Accepted Answer

The three key management assertions about items on the balance sheet that are directly related to the balance sheet items are existence (asserting that assets, liabilities, and equity interests exist), completeness (asserting that all transactions and accounts that should be presented in the financial statements are so included), and presentation (asserting that items are disclosed, classified, and described in accordance with relevant financial reporting standards).

Three Key Management Assertions About Items on the Balance Sheet