what are the assertions, explain it

Question

Accepted Answer

Assertions are the representations by management in financial statements regarding the accuracy and completeness of information.

Assertions include existence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.
Existence - assets and liabilities exist at a given date
Completeness - all transactions and accounts that should be included are included
Rights and obligations - entity has legal rights to assets and liabilities
Valuation or allocation - assets and liabilities are recorded at appropriate amounts
Presentation and disclosure - financial statements are properly presented and disclosed

Accepted Answer

“A statement that is believed to be true by the speaker".Assertion involves expressing beliefs, feelings and preferences in a way which is direct, honest, appropriate and shows a high degree of respect for yourself and for others. "When you talk, I can't hear the movie. Please keep it down." "I really like it when you wear that shirt. You look great!"

what are the assertions, explain it

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