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Posted by on Wednesday, December 14, 2011 at 3:54pm.

I am right to believe that the rights and obligation assertion applies only to the balance sheet items only? Because my homework assignment asks,"
The rights and obligations assertion applies to:
a. current liability items only.
b. revenue and expense items only.
c. both income statement and balance sheet items.
d. assets that are not owned by the company.
e. balance sheet items only.

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