The Completeness Assertion Addresses

question 7

Multiple Choice

The completeness assertion addresses:

• A) matters that are the opposite of those addressed by the occurrence assertion.
• B) whether all transactions that should be included in the financial statements are in fact included.
• C) the possibility of omitting transactions that should have been recorded.
• D) all of the above

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Definitions:

Optimal Plant Size

The scale of production at which a firm can produce goods at the lowest average cost, maximizing efficiency.

Fixed Factors

Resources in production that cannot be easily increased or decreased in the short term, such as land or certain machinery.

Capital-Intensive

A characteristic of industries or businesses that require large amounts of capital investment in machinery and equipment relative to labor to produce goods or services.