Who Is Responsible for the Financial Statements? What Does the Term

question 7

Essay

Who is responsible for the financial statements? What does the term "assertions" mean? Identify the assertion categories and the specific assertions for each category.

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Definitions:

Transactions

Financial events that affect the assets, liabilities, or equity of a company, including sales, purchases, loans, and payments.

Source Documents

Original records (such as invoices, receipts, contracts) that provide the evidence and details of business transactions.

Business

A commercial organization or enterprise that engages in professional, commercial, or industrial activities.

Building Consultant

A professional who advises on the construction, modification, or repair of buildings, ensuring compliance with legal and regulatory requirements and achieving desired functionality and aesthetics.