Financial Statements Assertions Describe the management assertions relevant to cash and other liquid assets
The five management assertions relevant to cash and other liquid assets are as follows:
1 . existence—cash balances exist at the balance sheet date
2 . completeness—cash balances include all cash transactions that have taken place during the period
3 . rights and obligations—the organization has title to the cash accounts as of the balance sheet date
4 . valuation—recorded balances reflect the true underlying economic value of those assets
5 . presentation and disclosure—cash and other liquid assets are properly classified on the balance sheet and disclosed in the footnotes
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