Question

The assetion that states all transactions, events, assets, liabilities and equities that should have been recorded have been recorded (including all disclosures in footnotes)

Answer 1

The assertion states the concept of completeness in accounting, which ensures all relevant transactions and disclosures are fully recorded in the financial statements.

Step-by-step explanation:

The assertion mentioned in the question pertains to a fundamental principle in accounting, specifically related to the concept known as completeness. Completeness is one of the assertions used by auditors when conducting an audit of a company's financial statements. This assertion ensures that all transactions and events that should have been recorded in the accounting period are indeed recorded, including the related disclosures in the footnotes to the financial statements. It helps in providing a comprehensive view of the company's financial position and results of operations to the users of the financial statements.