Which of the Following Is not one of the Assertions

question 52

Multiple Choice

Which of the following is not one of the assertions made by management about an account balance?

• A)Relevance.
• B)Existence.
• C)Valuation.
• D)Rights and obligations.

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Definitions:

Bad Debt Expense

The cost associated with accounts receivable that a company does not expect to collect because customers default on their payments.

Note Duration

The length of time until a promissory note, or loan agreement, is due to be paid in full.

Face Value

The nominal or dollar value printed on a financial instrument, such as a bond or stock certificate, indicating its worth at issuance.

Interest Rate

The percentage charged on the total amount of borrowed money or paid on investments, over a specific period of time.