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Overview of Financial Statements

Tracing from ...

Question

Tracing from source documents to journals, most directly addresses which financial statement assertion?

A

Completeness

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B

Existence

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C

Valuation

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D

Rights

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Solution

The correct option is B Existence
For instance, existence of a fixed asset should be verified by actually physically verifying it, not only by verifying the papers and other documents.
Existence is an important assertion.

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