What are the balance sheet assertions?

Question

Accepted Answer

Balance sheet assertions are representations made by management regarding the accuracy and completeness of items on the balance sheet.

Existence - Assets and liabilities actually exist at a given date.
Rights and obligations - Assets are owned by the entity and liabilities are obligations of the entity.
Completeness - All assets, liabilities, and equity interests that should be recorded are included.
Valuation and allocation - Assets, liabilities, and equity interests are included at appropriate amounts and any valuation adjustments are recorded.
Presentation and disclosure - Assets, liabilities, and equity interests are properly classified, described, and disclosed in the financial statements.

Accepted Answer

Balance sheet is represented to financial position of company or any ngo balance sheet including as liability and assets. Balance sheet final statement of auditer . First trial balance and profit and loss account then last presentation to balance sheet balance present company current position of market

What are the balance sheet assertions?

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