Which of the Following Assertions Are Usually the Two Most

question 51

Multiple Choice

Which of the following assertions are usually the two most relevant assertions related to long-lived assets?

• A)Existence and presentation.
• B)Completeness and existence.
• C)Existence and valuation.
• D)Valuation and completeness.

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Definitions:

Physical Possession

The actual holding or control of an object, property, or asset by an individual or entity.

Risk Of Loss

The potential for an investment, asset, or transaction to result in a financial loss rather than a gain.

F.O.B. Ocean City

Free on Board Ocean City, a shipping term indicating that the seller is responsible for goods and their cost of transport until they are loaded aboard a vessel at Ocean City.

Destination Contract

A type of contract specifying that the seller is responsible for the goods until they are delivered to a specific destination or address as indicated in the contract.