Which of the following statements about assertions is true?
A)All assertions are equally important for all accounts.
B)The importance of an assertion depends upon the account.
C)Assertions are not related to accounts.
D)None of the above.

Question

Quizplus · Accepted Answer

The importance of an assertion depends upon the account, as assertions relate to specific financial statements and their corresponding accounts. Different accounts may have different levels of risk and materiality, affecting the importance of certain assertions for those accounts.

Which of the Following Statements About Assertions Is True