Ensuring that all property, plant and equipment owned by the entity at year-end are included on the balance sheet relates to which assertion?
A) Rights and obligations
B) Completeness
C) Classification
D) Existence

Question

Quizplus · Accepted Answer

The completeness assertion relates to ensuring that all transactions and balances that should have been recorded in the financial statements have been recorded. Including all property, plant, and equipment owned by the entity at year-end on the balance sheet is an example of this.

Ensuring That All Property, Plant and Equipment Owned by the Entity