Explore BrainMass

Explore BrainMass

    What is an assertion

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    What is an assertion? Should assertions be written?

    © BrainMass Inc. brainmass.com December 15, 2020, 7:31 pm ad1c9bdddf

    Solution Preview

    An assertion is a statement or claim - a positive statement made about something. The financial statements is a set of assertions about the balances in asset, liability and equity accounts and the summary of transactions during the period (sales, costs, cash flows).

    There are specific assertions implied in the financial statements. The assertion for balance sheet accounts differ a bit from the assertion of income statement accounts but the idea is similar for both. For ...

    Solution Summary

    Your tutorial is 265 words and explains, using the example of accounts receivable, what assertions are and their use in financial statement auditing. The comments mentions that these should be written and gives three contexts where you might find them written.