Which of the Following Management Assertions for Long-Term Liabilities Is

question 49

Multiple Choice

Which of the following management assertions for long-term liabilities is related to the ASB balance assertion of completeness?

• A)All material long-term liabilities are recorded.
• B)New long-term liabilities and debt extinguishments are properly authorized.
• C)Terms, conditions, and restrictions relating to noncurrent debt are adequately disclosed.
• D)Disclosures of maturities for the next five years are accurate and adequate.

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Definitions:

Efficiency

The optimal use of resources to achieve the desired output with minimum waste or expense.

Community

A group of people living in the same place or having a particular characteristic in common.

Back-To-School Shopping

The period in which students and their parents purchase school supplies and apparel before the new school year begins.

Spending

The action of using money to purchase goods or services.