Management Assertions Are

question 49

Multiple Choice

Management assertions are

• A) directly related to the financial reporting framework used by the company, usually U.S. GAAP or IFRS.
• B) stated in the footnotes to the financial statements.
• C) explicitly expressed representations about the financial statements.
• D) provided to the auditor in the assertions letter, but are not disclosed on the financial statements.

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Definitions:

Epicurus

Ancient Greek philosopher who founded Epicureanism, a philosophy advocating for the pursuit of happiness through modest pleasures and the avoidance of pain.

Religion

A system of faith and worship often involving belief in a supreme being or beings and a guiding philosophy or set of doctrines.

Happiness

A state of well-being and contentment characterized by positive emotions.

Hobbes

Thomas Hobbes was a 17th-century English philosopher known for his work in political philosophy, particularly his book "Leviathan" which argues for a social contract and rule by an absolute sovereign.