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:

Functional Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used, hindering problem-solving and creativity.

Genetic Problems

Disorders or diseases that are caused by abnormalities in an individual's DNA or chromosomes.

Brain Damage

Injury to the brain that impairs its functions, which can result from accidents, diseases, lack of oxygen, or neurological disorders.

Convergent Thinking

Thinking that produces one correct answer; characteristic of the kind of thinking required on conventional intelligence tests.