The three levels at which assertion terms are defined under CAS 315 are:
A)Financial statement,account balance level,and transaction level.
B)Account balance,transaction and presentation and disclosure
C)Management level,auditor level,and user level.
D)Account balance,entity,and presentation and disclosure.

Question

Quizplus · Accepted Answer

CAS 315 defines assertion terms at three levels: account balance level, transaction level, and presentation and disclosure level. The financial statement level is not considered a level for the definition of assertion terms under CAS 315. Option A is incorrect. Option C is not a relevant categorization of assertion terms. Option D is incorrect as "entity" is not one of the levels defined by CAS 315.

The Three Levels at Which Assertion Terms Are Defined Under