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:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus what they actually pay.

Deadweight Loss

An economic inefficiency arising when the balance for a product or service fails to be attained or is unattainable.

Tax

A necessary financial assessment or some other type of taxation levied upon a taxpayer by a government entity, intended to fund the expenditure of government and various allotments for public services.

Consumer Surplus

The distance between the total consumers are ready to contribute financially to a good or service and what they eventually pay.