Which of the Following Is not a Financial Statement Assertion

question 47

Multiple Choice

Which of the following is not a financial statement assertion relating to account balances?

• A)Completeness.
• B)Existence.
• C)Rights and obligations.
• D)Recorded value and discounts.

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Definitions:

Short-Term Assets

Short-term assets, also known as current assets, are assets expected to be converted into cash, sold, or consumed within a year or within the business's operating cycle if longer.

Marginal Tax

The tax rate that applies to the last dollar of the taxpayer's income.

Financial Manager

A professional responsible for managing the financial health of an organization, including planning, directing investment activities, and developing financial strategies.