Examlex
Which of the following is not an assertion relating to classes of transactions?
Incorrect Entry
An error or mistake made in recording transactions in the accounting records.
Correcting Entry
A journal entry made to rectify an error in the accounting records, ensuring the accuracy of financial statements.
Equipment
Tangible assets used in operations, not intended for sale, that have a useful life of more than one year.
Supplies
Consumable items or materials used in the day-to-day operations of a business.
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