The valuation assertion includes ________.
A)the measurement assumption used
B)ensuring all inventory is counted
C)making sure that all receivables relate to sales during the year
D)the method of presenting short-term and long-term liabilities

Question

Quizplus · Accepted Answer

The valuation assertion is concerned with ensuring that assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded. It involves the measurement assumptions used in determining these amounts.

The Valuation Assertion Includes ________