Financial Statement Assertions Are Established for Classes of Transactions $\begin{array} { c c c } & \text { AccountBalances } & \text { Disclosures } \\\end{array}$

question 8

Multiple Choice

Financial statement assertions are established for classes of transactions: $\begin{array} { c c c } & \text { AccountBalances } & \text { Disclosures } \\\end{array}$
A- $\begin{array} { c c c } \quad\quad\quad\text { Yes } &\quad\quad\quad\quad \text { Yes } \\\end{array}$
B- $\begin{array} { c c c }\quad\quad\quad \text { Yes } &\quad\quad\quad\quad \text { Yes } \\\end{array}$
C- $\begin{array} { c c c } \quad\quad\quad\text { Yes } & \quad\quad\quad\quad\text { No } \\\end{array}$
D- $\begin{array} { c c c }\quad\quad\quad \text { No } &\quad\quad\quad\quad \text { Yes }\end{array}$

• A)Option A
• B)Option B
• C)Option C
• D)Option D

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Definitions:

Performance

The accomplishment of a task or duty in accordance with a contract, including the delivery of goods or services.

Full Satisfaction

The complete fulfillment or settlement of a debt, obligation, or another requirement.

Possession

The physical holding or control of an object or property, which may or may not be accompanied by legal ownership.

Debt

An amount of money borrowed by one party from another, typically with the obligation to pay back with interest.