Because the most likely misstatement in the acquisition and expenditure process is an understatement misstatement,
A)accuracy is often the relevant assertion for this process
B)completeness is often the relevant assertion for this process
C)cut-off is often the relevant assertion for this process
D)existence or occurrence is often the relevant assertion for this process

Question

Quizplus · Accepted Answer

An understatement misstatement means that transactions or activities have been omitted or not fully recorded, which is a completeness assertion issue. Therefore, completeness is often the relevant assertion for the acquisition and expenditure process.

Because the Most Likely Misstatement in the Acquisition and Expenditure