Question: An effective accounting system should identify and record only the valid transaction of the entity that occurred in the current period, which relates to the:

  1. An effective accounting system should identify and record only the valid transaction of the entity that occurred in the current period, which relates to the:

a. rights and obligations assertion.

b. presentation and disclosure assertion.

c. valuation or allocation assertion.

d. existence or occurrence assertion.

e. completeness assertion.

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