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ASSERTION AND METHODOLOGY IN MONETARY STATEMENTS

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ASSERTION AND METHODOLOGY
In making ready monetary statements that show true and truthful read of the company’s
monetary position and performance, the management expressly or implicitly makes sure
assertions.
These assertions area unit categorized as:
Existence
This is the assertion that associates quality or liability exists at a given date. It’s either true or not
true that associate quality or liability mirrored within the record was living at the record date.
Rights and obligation
This is the assertion that associates quality or liability in monetary statements pertains to the
entity at a given date i.e. associate quality could be a right of the entity and a liability a real
obligation of the entity.
Occurrence
This is the assertion that a group action or event came about that pertains to the entity throughout
the monetary amount or that a recorded event or group action really came about as recorded and
it's a sound group action pertaining the entity. It’s either the group action came about as recorded
or not.
Completeness
This is the assertion that there aren't any unrecorded assets, liabilities, transactions or covert
things. It’d recommend 100 percent completion and accuracy but, this can be not possible below
accounting of accounting. The users of the monetary statements don't expect 100 percent

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NAME COURSE CODE COURSE TITLE DATE In making ready monetary statements that show true and truthful read of the company's monetary position and performance, the management expressly or implicitly makes sure assertions. These assertions area unit categorized as: Existence This is the assertion that associates quality or liability exists at a given date. It's either true or not true that associate quality or liability mirrored within the record was living at the record date. Rights and obligation This is the assertion that associates quality or liability in monetary statements pertains to the entity at a given date i.e. associate quality could be a right of the entity and a liability a real obligation of the entity. Occurrence This is the assertion that a group action or event came about that pertains to the entity throughout the monetary amount or that a recorded event or group action really came about as recorded and it's a sound group action pertaining the entity. It's either the group action came about as recorded or not. Completeness This is the assertion that there aren't any unrecorded assets, liabilities, transactions or covert things. It'd recommend 100 percent c ...
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