Which of the following would not be an important aspect of basic financial statement assertions about presentation and disclosure:
A) Occurrence and rights and obligations.
B) Completeness.
C) Understandability.
D) Internal control.
E) Valuation.

Question

Quizplus · Accepted Answer

Internal control is not considered a direct aspect of financial statement assertions about presentation and disclosure. Assertions about presentation and disclosure focus on the accuracy, completeness, and understandability of the information presented in the financial statements, rather than the processes (like internal controls) that ensure the reliability of this information.

Which of the Following Would Not Be an Important Aspect