Which Assertion Addresses Whether All Transactions and Accounts That Should

question 27

Multiple Choice

Which assertion addresses whether all transactions and accounts that should be included in the financial statements are included?

• A)Existence.
• B)Valuation.
• C)Completeness.
• D)Rights and Obligations

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Definitions:

Dividend

A Dividend is a payment made by a corporation to its shareholders, usually derived from the company's profits.

Basis of Property

The basis of property is the starting point for determining the gain or loss on the sale, exchange, or other disposition of property, generally its cost plus improvements and minus depreciation.

Recognized Gain

The portion of profit from the sale of an asset that must be reported for taxation purposes.

Shareholder

An individual or institution that owns a share of a company's stock, making them a partial owner of the company.