Three Key Management Assertions About Items on the Balance Sheet

question 43

Multiple Choice

Three key management assertions about items on the balance sheet are ________.

• A)occurrence,completeness,and accuracy
• B)classification,existence,and cut-off
• C)confirmation,presentation,and disclosure
• D)existence,completeness,and presentation

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Definitions:

Partners

Individuals who engage in a shared business or venture, contributing resources and sharing profits and losses.

Income

Financial earnings or revenue accruing to an individual, corporation, or economic entity from various sources.

Second Job

Additional employment taken on by an individual in addition to their primary job, often to supplement income.

Full Time

Employment status where individuals work a minimum number of hours defined by their employer as full-time.