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

SPREADSHEET is (1) A multi-column sheet of paper used for performing numeric work, especially accounting and business related weekly or monthly summaries. (2) A computer application program that supports a user in numeric manipulation, especially in column / row format.

IN THE RED means losing money; the opposite of "in the black."

Suggest a Term

Enter Search Term

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