Which One of the Following Statements Is NOT Correct

question 42

Multiple Choice

Which one of the following statements is NOT correct?

• A) It would be a violation of the completeness assertion if management recorded a sale that did not take place.
• B) The completeness assertion deals with matters opposite the existence/occurrence assertion.
• C) The existence/occurrence assertion is concerned with amounts that should not have been included.
• D) The completeness assertion is concerned with the possibility of omitting items that should have been included in the financial statements.

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Definitions:

Economic Downturn

A period of decline in economic activity, characterized by reduced spending and increased unemployment.

Funding Reduction

A decrease in the financial resources allocated to a program, organization, or project, often leading to operational challenges.

Service Need

A requirement for assistance or support, typically in a community or among individuals, that organizations aim to address.

Philanthropic Foundations

Nonprofit organizations that primarily distribute or support charitable activities through the funding of grants, scholarships, or direct support to other nonprofits.