1: Counting the petty cash fund and revolving fund of the client company provides evidence of the existence and rights assertion. $2: By classifying as current liability an obligation that will become due the next accounting period, the management is asserting that its liquidation will require the use of current assets or the creation of other current liabilities. S3: If the financial statement shows that the balance of the cash in bank in the current assets represents excess cash after recording all receipt and disbursement transactions, the management is asserting that the cash in bank is “complete,”
|$1: Counting the petty cash fund and revolving fund of the client company provides evidence of the existence and rights assertion.
$2: By classifying as current liability an obligation that will become due the next
S3: If the financial statement shows that the balance of the cash in bank in the current assets represents excess cash after recording all receipt and disbursement transactions, the management is asserting that the cash in bank is “complete,”
A: Ifall statements are correct.
B-If only one statement is correct.
C- If only two statements are correct.
D- If all statements are incorrect.
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