Tests of details of balances for investment balance assertions include all of these except:

Question

Quizplus · Accepted Answer

Tests of details of balances for investment balance assertions typically focus on verifying the existence, ownership, and valuation of investments. This includes inspecting and counting securities on hand (A), confirming securities held by others (B), and recalculating investment revenue earned (D) to ensure the accuracy of recorded investment income. Vouching entries in investment and related income and equity accounts (C) is more related to testing transactions and understanding the flow of transactions through the accounts, rather than directly testing the balances of investments at a point in time.

Tests of Details of Balances for Investment Balance Assertions Include