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Assertions

This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.

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August 4, 2017 at 6:00 pm #400443
ram456
Member
- Topics: 17
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Hello! Good Evening Sir!
What is the difference between these two financial statement assertions- ‘Allocation’ and ‘Classification’?
August 4, 2017 at 11:35 pm #400467
MikeLittle
Keymaster
- Topics: 27
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I don’t find ‘allocation’ anywhere as an assertion!
Where have you read that it is?
Classification is the assertion that revenues and expenses, assets, liabilities and equity interests have been entered into their proper accounts
Ok?
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