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Exam (elaborations)
ACCT 5300 Exam 1 Questions and Correct Answers/ Latest Update / Already Graded
NewManagement's 5 Financial Statement Assertions (PCAOB) 
 Ans: 1. Existence or Occurence 
2. Completeness 
3. Valuation or allocation 
4. Rights and Obligations 
5. Presentation and disclosure 
 
Existence or Occurrence 
 Ans: Assets or liabilities of the company exist at a given date, 
and recorded transactions have occurred during a given period. 
Valid and authorized? Actually happen/exist? 
 
Completeness 
 Ans: all transactions and accounts that should be presented in 
the fi...
Exam (elaborations)
ACCT 5300 Exam 1 Questions with Correct Answers Latest Update 2025/2026
PopularACCT 5300 Exam 1 Questions with Correct Answers Latest Update 2025/2026 
Management's 5 Financial Statement Assertions (PCAOB) - Answers 1. Existence or Occurence 
2. Completeness 
3. Valuation or allocation 
4. Rights and Obligations 
5. Presentation and disclosure 
Existence or Occurrence - Answers Assets or liabilities of the company exist at a given date, and recorded transactions have occurred during a given period. Valid and authorized? Actually happen/exist? 
Completeness - Answers all...