Financial statements contain a number of assertions about account balances, classes of transactions, and disclosures. a. Identify

Question:

contain a number of assertions about account balances, classes of transactions, and disclosures.
a. Identify who makes these assertions.
b. List and describe each of the assertions regarding each financial statement component.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...