Management makes the following assertions about account balances:
A) existence, completeness, classification, and cutoff.
B) existence, accuracy, classification, and rights and obligations.
C) existence, completeness, valuation and allocation, and rights and obligations.
D) existence, completeness, rights and obligations, and cutoff.

Question

Quizplus · Accepted Answer

Management has made the following assertions about account balances - existence, completeness, valuation and allocation, and rights and obligations. This assertion set covers all the relevant aspects related to account balances, including whether they exist or not, whether they are complete, whether they are valued and allocated appropriately, and whether they carry any rights and obligations. Therefore, option C is the most suitable answer in this case.

Management Makes the Following Assertions About Account Balances