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:

Top Status Bar

A visual element typically found at the top of a screen or window that displays information about the current state or status of the system or application.

AutoCalculate Area

A feature in spreadsheet software that automatically calculates and displays the sum, average, or other statistics for selected cells.

Physical Medium

Any material substance used to store or transfer information or data, such as a hard drive, CD, DVD, or paper.

Hard Copy

A physical printout of a document, photo, or file, as opposed to a digital version, providing a tangible means to review, share, or archive the content.