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Hi
Assertions about class of transactions and events – Does it means day to day transactions like salary expenses etc.?
Assertions bout account balances and related disclosure means assets ?Where does payable, inventory, receivable, bank and cash will come under?
Thanks
A transaction is an exchange of goods or services, usually for money – so sales, purchases, wages, other expenses. The total of every class of transactions for the year is what is summarised in the statement of profit of loss.
Account balances are all the balances on accounts that will be included in the statement of financial position – so all assets and liabilities and also equity.
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