What is the difference between the occurrence and existence assertions? Select answer from the options below Occurrence
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What is the difference between the occurrence and existence assertions? Select answer from the options below Occurrence assertion states that a balance on the financial statements is accurately stated. Occurrence assertion states that the income or expense shown on the income statement has taken place. There is no difference between the two assertions. Existence assertion states that the company is real and enters into transactions with third parties.
Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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