Which Assertions May Be Tested for the "Presentation and Disclosure

question 32

Multiple Choice

Which assertions may be tested for the "presentation and disclosure" category of management assertions?

• A) Existence, rights and obligations, cutoff and classification, completeness, accuracy and valuation.
• B) Occurrence, rights and obligations, existence, accuracy and valuation, cutoff and classification.
• C) Occurrence, completeness, classification and understandability, cutoff and classification.
• D) Occurrence, rights and obligations, completeness, classification and understandability, accuracy and valuation.

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Definitions:

Plaster

A mixture of water, lime, or gypsum, sand, and possibly other materials, used in construction and repair of buildings for coatings, molding, or casting surfaces.

Labor

The human effort, both physical and mental, used in the creation of goods and services.

Positive Supply

A situation in which the quantity of goods or services offered for sale increases as the price increases, adhering to the law of supply.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.