The assertions by management regarding the cash accounts in the financial statements include all of the following except
A) Cash in all accounts exists in the name of the company.
B) Proper internal control activities exist for all cash accounts.
C) Cash balance properly reflects all cash on hand, in transit, or on deposit with third parties.
D) All restrictions on the use of cash are disclosed.

Question

Quizplus · Accepted Answer

The assertion regarding internal control activities is not directly related to the financial statement assertions about cash accounts. The other options relate to existence, completeness, and disclosure, which are standard financial statement assertions.

The Assertions by Management Regarding the Cash Accounts in the Financial