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What is an assertion

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What is an assertion? Should assertions be written?

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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.

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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 ...

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Carol Sargent, PhD
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  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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