Which of the Following Are Types of Assertions

question 16

Multiple Choice

Which of the following are types of assertions?

• A) Preconditions.
• B) Postconditions.
• C) Conditions in control statements.
• D) (a) and (b).

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Definitions:

Owner Withdrawals

Money or assets taken out of a business by the owner(s) for personal use.

Owner's Equity

The residual interest in the assets of a company after deducting liabilities, representing the ownership interest of shareholders or owners.

Adjusted Trial Balance

A list of all the accounts of a company, showing the balance of each after adjustments have been made for errors, omissions, or accruals.

Current Assets

Assets that are expected to be converted into cash, sold or used up within one year or within the entity's operating cycle, whichever is longer.