COMPLETENESS Definition

Bookmark and Share

COMPLETENESS deals with whether all transactions and accounts that should be in the financial statements are included. For example, management asserts that all purchases of goods and services are included in the financial statements. Similarly, management asserts that notes payable in the balance sheet include all such obligations of the entity.

Learn new Accounting Terms

CONTROLLERSHIP is the position of controller. See CONTROLLER.

PURCHASE AND INSTALLMENT SALEBACK, in real estate, is a contract purchase of real property upon the completion of construction. The subject property is then immediately sold back on a long-term installment contract.

Suggest a Term

Enter Search Term

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