With regard to management assertions, it is true to say that ________.
A)all assertions apply to all accounts and balances
B)only some assertions apply to accounts and their balances
C)none of the assertions apply to accounts and their balances
D)management should be consulted to determine which assertions apply to which accounts.

Question

Quizplus · Accepted Answer

Not all assertions apply to all accounts and balances. Management needs to determine which assertions are relevant for each account and balance based on the specific characteristics and risks associated with each one. However, there are certain assertions that are considered to be applicable to most accounts and balances, such as completeness, accuracy, and validity.

With Regard to Management Assertions, It Is True to Say