International Auditing Standards and U

question 19

Multiple Choice

International auditing standards and U.S.GAAP classify assertions into three categories.Which of the following is not a category of assertions that management makes about the accounting information in financial statements?

• A)Assertions about classes of transactions for the period under audit
• B)Assertions about account balances at period end
• C)Assertions about the quality of source documents used to prepare the financial statements
• D)Assertions about presentation and disclosure

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Definitions:

Level of Opportunity

The scope or chance that exists for new ventures or improvements within a market, organization, or environment, often impacting strategic decisions.

Competitive Sales Position

A company's standing or rank in the market compared to its competitors, often in terms of sales volume or market share.

Product Sales Organization

A structured setup in a company dedicated to selling products, which includes roles, responsibilities, and processes aimed at achieving sales targets.

Administration Costs

These are expenses related to the general operation of a business, such as salaries of office staff, rent, and utilities.