Select at least 2 balances on the financial statements. Describe the principal assertion of the selected account balance .

Consider the 5 traditional financial statement assertions:

Existence
Completeness
Presentation and Disclosure
Valuation
Rights and Obligations Management.
Next, obtain a set of financial statements from a publically traded company . Select at least 2 balances on the financial statements. Describe the principal assertion of the selected account balance .

Read this link to gain more information about the 5 assertions: https://pcaobus.org/oversight/standards/auditing-standards/details/AS1105

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