Which of the Following Assertions Are Usually the Two Most

question 8

Multiple Choice

Which of the following assertions are usually the two most relevant assertions related to long-lived assets?

• A) Existence and Presentation.
• B) Completeness and Existence.
• C) Existence and Valuation.
• D) Valuation and Completeness.

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Definitions:

Raw Materials Cost

The expense associated with acquiring the unprocessed materials required in the manufacture of products.

Cash Collected

The total amount of money received from sales, services, or other business activities.

Accounts Receivable Balance

The total amount of money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.

Direct Labor Cost

The total cost of wages paid to employees who are directly involved in the manufacturing or production of goods or services.