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:

Gratuitous Promise

A promise made without expecting anything in return, often not legally binding unless certain formalities are met.

Consideration

The benefit, interest, right, or profit that is given or promised to one party in a contract in exchange for them to do or not do something.

Binding Contract

An agreement between two or more parties that is legally enforceable.

Consideration

The value (which could be in the form of money, goods, services, or a promise) exchanged between parties in a contract, making the agreement legally binding.