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Six financial statement assertions
i. Existence: an asset, liability or equity interest exists;
ii. Cut off: transactions and events have been recorded in the correct accounting period;
iii. Occurrence: a transaction or event that has been recorded took place and pertains to
the entity during the period;
iv. Accuracy and valuation: financial and other information is disclosed fairly and at
appropriate amounts;
v. Rights and obligations: the entity holds or controls the rights to assets, and liabilities or
obligations of the entity; and
vi. Classification: transactions and events have been recorded in the proper accounts.
Wilfykil answered the question on April 12, 2019 at 07:59
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