Which Management Assertion Determines That Transactions and Related Asset Accounts

question 5

Multiple Choice

Which management assertion determines that transactions and related asset accounts balances are actually owned and that liability account balances represent actual obligations?

• A)Valuation and Allocation
• B)Existence
• C)Rights and Obligations
• D)Classification and Presentation

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Definitions:

Meningitis

An acute inflammation of the protective membranes covering the brain and spinal cord, known collectively as the meninges, which can be caused by infection with viruses, bacteria, or other microorganisms, and in some cases by certain drugs.

Convulsions

Involuntary, rapid, and uncontrollable muscle contractions often caused by electrical disruptions in the brain.

CSF

Cerebrospinal Fluid; a clear, colorless body fluid found in the brain and spinal cord, providing cushioning and maintaining a stable environment for the central nervous system.

Shock Absorber

A mechanical device designed to smooth out or damp shock impulse, and dissipate kinetic energy, often used in vehicles and other systems requiring vibration control.