Please answer Testing whether an expense incurred on December 28th, 2018 was recorded in the fiscal year endingDecember 31$t, 2018 is most likely testing the management assertion of:1. Existence2. Completeness3. Rights and Obligations.4. Presentation and DisclosureO 1O 23O 4

Answered: Testing whether an expense incurred on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Testing whether an expense incurred on December 28th, 2018 was recorded in the fiscal year ending
December 31$t, 2018 is most likely testing the management assertion of:
1. Existence
2. Completeness
3. Rights and Obligations.
4. Presentation and Disclosure
O 1
O 2
3
O 4

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The assertion of completeness states that the financial statements are comprehensive and cover all items that must be included in the statement for a specific accounting period.

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