The Objective of Monetary-Unit Sampling Is to Test the Assertion

question 46

True/False

The objective of monetary-unit sampling is to test the assertion that no material misstatements exist in an account balance or class of transactions.

---

Definitions:

IASB

stands for the International Accounting Standards Board, which is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRS).

Measurement (Cost) Principle

An accounting principle that states that accounting information should be based on actual cost.

Purchasing Managers

Professionals responsible for buying goods and services for their company, aiming for the best quality at the most cost-effective price.

Suppliers

Individuals or companies that provide goods or services to another entity, typically part of the supply chain in manufacturing processes.