Assertions

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August 4, 2017 at 6:00 pm #400443
ram456
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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
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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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