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 received and recorded.
D) Investments are adequately classified and described in the balance sheet, including disclosures.

Question

Quizplus · Accepted Answer

While investments may be valued at cost, it is not a typical assertion since their fair value can also be used, depending on the circumstances. The other assertions listed are commonly made for investments and related accounts in a manufacturing company.

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