The Financial Statements of an Organization Reflect a Set of Management

question 57

Multiple Choice

The financial statements of an organization reflect a set of management assertions about the financial health of the business.All of the following describe types of assertions except

• A)that all of the assets and equities on the balance sheet exist
• B)that all employees are properly trained to carry out their assigned duties
• C)that all transactions on the income statement actually occurred
• D)that all allocated amounts such as depreciation are calculated on a systematic and rational basis

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Definitions:

V Codes

A classification within the ICD coding system used to describe factors that influence health status and contact with health services that are not due to a disease or injury.

ICD-9

International Classification of Diseases, Ninth Revision, a system used worldwide for coding various diseases and symptoms for health records, billing, and statistics; replaced by ICD-10.

HIV Positivity

Refers to the state of being infected with the Human Immunodeficiency Virus (HIV), which is a virus that attacks the immune system.

Serology

The scientific study and diagnostic examination of blood serum, especially with regard to the response of the immune system to pathogens or introduced substances.