Final answer:
The rights and obligations assertion relates to whether transactions and events have been recorded in the correct accounting period.
Step-by-step explanation:
The statement that the rights and obligations assertion relates to whether transactions and events have been recorded in the correct accounting period is true. The rights and obligations assertion is one of the assertions made in financial reporting to ensure the accuracy and completeness of financial statements. It specifically focuses on whether transactions have been recorded in the correct accounting period, ensuring that revenues and expenses are properly recognized.