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Question #29 from question bank of Study text valid from Sept 19 to June 2020

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Question #29 from question bank of Study text valid from Sept 19 to June 2020

  • This topic has 5 replies, 2 voices, and was last updated 5 years ago by Kim Smith.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • October 30, 2019 at 8:19 am #551201
    noman0409
    Participant
    • Topics: 16
    • Replies: 15
    • ☆

    ‘Existence is an assertion about account balances at the period end.’
    Is this statement true or false?

    As per answer bank, the above statement is true. How? What I understand is that this statement represents Accuracy, Valuation & Allocation assertion. Am I right?

    October 30, 2019 at 9:19 am #551213
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8363
    • ☆☆☆☆☆

    See Chapter 16 of the notes – page 84 – existence is a separate assertion. It means, for example, that an item of equipment physically exists at the reporting date – this is quite separate from the assertion that it’s measurement in the SoFP (“valuation”) is appropriate and that depreciation has been appropriately allocated.

    October 30, 2019 at 11:32 am #551232
    noman0409
    Participant
    • Topics: 16
    • Replies: 15
    • ☆

    So, the statement “Existence is an assertion about account balances at the period end” is true?

    October 30, 2019 at 12:03 pm #551233
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8363
    • ☆☆☆☆☆

    Yes – if you download the notes the pdf can be searched – on page 84:

    “These assertions relate to the PERIOD END:
    ? Existence – assets, liabilities and equity interests exist.
    …”

    November 1, 2019 at 8:09 am #551336
    noman0409
    Participant
    • Topics: 16
    • Replies: 15
    • ☆

    Thank You

    November 1, 2019 at 8:53 am #551340
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8363
    • ☆☆☆☆☆

    You’re welcome!

  • Author
    Posts
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