Assertion. existence.
The creators of financial statements often make five accounting assertions. They are existence, completeness, rights and obligations, accuracy and valuation, and presentation and disclosure.
Which five audit assertions are there?
- The creators of financial statements often make five accounting assertions. They are existence, completeness, rights and obligations, accuracy and valuation, and presentation and disclosure.
- Analytical techniques, a test of transactional specifics, and testing of balancing specifics are the three categories of substantive exams.
- Basic Statement Simple expression of defending one's own rights, convictions, emotions, or viewpoints. Example: "Excuse me, I'd like to finish what I'm saying," to say while being interrupted.
- For instance, the company claims that cash exists when a financial statement shows a cash balance of $605,432. The business contends that the $234,100 reserve for uncollectibles is a correctly valued sum.
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