Which of the Following Are Management Assertions About the Accounts

question 90

Multiple Choice

Which of the following are management assertions about the accounts in long-term debt and owner's equity process?

• A)existence or occurrence - for account balances
• B)completeness - for both classes of transactions and account balances
• C)valuation and allocation - for both classes of transactions and account balances
• D)rights and obligations - for account balances
• E)accuracy - for account balances
• F)both A and C
• G)both B and D
• H)both D and E

---

Definitions:

High-Income Countries

Nations with a high gross national income per capita, indicating a generally high standard of living and economic productivity.

Real Expenditures

Total spending on goods and services, adjusted for inflation, to reflect the true economic value of transactions.

Medicare

A federal health insurance program in the United States for people who are 65 or older, some younger individuals with disabilities, and people with End-Stage Renal Disease.

Medicaid

A social health care program for families and individuals with low income and resources, principally funded by the federal government and the states.