Final answer:
The assertion that an entity's requirement for credit approval before shipping goods to customers supports is Rights and Obligations, as it establishes the entity's right to receive payment and the customers' obligation to pay.
Step-by-step explanation:
The assertion supported by an entity requiring credit approval before shipping goods to customers is Rights and Obligations. This control aims to ensure that goods are shipped only when there is a reasonable expectation that the customer has the ability and intention to pay, which is directly linked to the rights the entity has to receive payment for the goods and the obligations the customer has to pay for them.
Credit approval processes verify the creditworthiness of customers and support the assumption that recorded receivables are collectible and properly valued, which substantiates the assertion that the entity has rights to assets and that transactions are recorded at amounts that reflect their true economic value.