can some one tell me about financial statement assertion, term used in auditing, in a very easy way.?

Answer 1

A financial statement assertion is an assertion relating to a set of financial statements which may be considered by an auditor as part of the audit procedures. For example, an assertion may be made that the financial statements reflect a complete record of all of the financial transactions carried out by an organisation in the period, and an auditor may carry out procedures to test that assertion, i.e. the assertion of completeness. Common assertions are:

a) Valuation or allocation.
b) Completeness.
c) Existence or occurrence.
d) Ownership

For e.g. if an auditor wishes to test the assertion of ownership of the office building when auditing a company, he will ask to see the original title deed of the building. If he wished to test the valuation assertion he may ask for a valuation report on the building. Some assertions can be tested by observation e.g. existence assertion can be tested by merely visiting the building.

Perhaps going through the CPA Examination Questions - Assertions and Procedures in the attached link will help you understand how auditors test assertions.

Answer 2

How interesting! I'd have to go with, "Sure, you show me your's and I'll show you mine." I've been in several relationships where I had to pay for everything all the time because the other party never had any money and he also was always behind in bills. I'd rather be with someone that isn't up to his eyeballs in debt, makes more than minimum wage and can afford to share expenses (dinner, movies, etc.). If that makes me a snob, so be it. I've worked hard to get to where I'm at and would only want to be with someone with equal ambition.