The typical assertion relating to investments and related accounts in a manufacturing company would not include the assertion that:
A)all investments are valued at cost.
B)investment securities are on hand or held in safekeeping by a trustee.
C)investment income has been properly recorded.
D)investments are adequately classified and described in the balance sheet, including disclosures.

Question

Quizplus · Accepted Answer

The assertion that all investments are valued at cost is not accurate as some investments may be valued at fair value or lower of cost or market value as per the accounting standards.

The Typical Assertion Relating to Investments and Related Accounts in a Manufacturing