In which of the following misstatements is there no doubt because there is no element of judgment involved?
A)Factual misstatements
B)Projected misstatements
C)Accumulated misstatements
D)Auditing misstatements

Question

Quizplus · Accepted Answer

Factual misstatements are errors or omissions in the financial statements that can be objectively verified and do not involve any element of judgment. This is in contrast to projected misstatements, which involve estimates and assumptions, accumulated misstatements that result from several small misstatements that add up over time, and auditing misstatements that arise from errors and issues related to the audit process.

In Which of the Following Misstatements Is There No Doubt