Relevant assertions for long-lived assets List the five management assertions relevant for long-lived assets and explain how each one is relevant
A. Existence or occurrence- The long-lived assets exist at the balance sheet date. The focus is typically on additions during the year.
B. Completeness- Long-lived asset account balances include all relevant transactions that have taken place during the period.
C. Rights and obligations- The organization has ownership rights for the long-lived assets as of the balance sheet date.
D. Valuation or allocation- The recorded balances reflect the balances in accordance with GAAP.
E. Presentation and disclosure- The long-lived asset balance is reflected on the balance sheet in the noncurrent section. The disclosures for depreciation methods and capital lease terms are adequate.
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