Explain the Occurrence and Completeness Assertions

question 73

Essay

Explain the occurrence and completeness assertions. How does failure to meet each assertion affect the financial statements?

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Definitions:

Debits Equal Credits

A fundamental concept in double-entry bookkeeping, stating that for every financial transaction, debits must equal credits.

Main Purpose

The primary aim or objective that an organization or activity is designed to achieve.

Trial Balance

An accounting report listing all the balances in each general ledger account at a point in time, used to verify the accuracy of bookkeeping entries.

Balance

The amount of money present in an account or the difference between the total debits and credits in an account.