Sunday, May 28, 2006

The five accounting assertions


In case anyone asks, there are five accounting assertions courtesy of the NY State CPAs. They are as follows:

1. existence
2. completeness
3. valuation
4. rights and obligations
5. presentation and disclosure.

Follow the above-mentioned link for details on what it all means.

Or go to this link to the new ACS site to learn a good mnemonic.


At 6:44 PM, Blogger Sj said...

One could say these assertations could loosely be applied to many areas of life. ;)

At 12:15 PM, Blogger Tara said...

This is the first hit on google when I search "Accounting Assertions." Thanks for solving a debate at work. Hope you're right.

At 1:26 AM, Blogger Krupo said...

Seems to be correct based on the fact it's what we use at work. :)

At 9:41 AM, Blogger JC Pencak said...

For the rural folks like my Vermont class -
East Coast Road Via Pot holes and Ditches.


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