ASSERTION Definition

Bookmark and Share

ASSERTION is when management asserts financial statements are correct with regard to existence or occurrence of assets, liabilities or transactions, completeness of information in the financial statements, rights and obligations at a point in time, appropriate valuation or allocation, presentation, and disclosure.

Learn new Accounting Terms

ONE-SIDED MARKET (ONE-WAY MARKET), in securities, is a market environment in which only a bid or an offer is shown, as opposed to making a market, where both a bid and an offer are shown.

CONTINUING ACCOUNTING SIGNIFICANCE means matters normally included in the permanent audit documentation, such as the analysis of balance sheet accounts, and those relating to contingencies. Such information from a prior year is used by the auditor in the current year's audit and is updated each year.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.