Which of the following is not a typical assertion relating to owners' equity?
A)The number of shares shown as issued is in fact issued.
B)The accounting is proper for options, warrants, and other stock issue plans, and related disclosure is adequate.
C)All owners' equity transactions have been authorized by the board of directors.
D)The valuation of shares issued for noncash consideration is reflected at book value.

Question

Quizplus · Accepted Answer

The valuation of shares issued for noncash consideration is typically reflected at fair value, not book value. Therefore, D is the not a typical assertion relating to owners' equity.

Which of the Following Is Not a Typical Assertion Relating