The Three Levels at Which Assertion Terms Are Defined Under

question 4

Multiple Choice

The three levels at which assertion terms are defined under CAS 315 are:

• A)Financial statement,account balance level,and transaction level.
• B)Account balance,transaction and presentation and disclosure
• C)Management level,auditor level,and user level.
• D)Account balance,entity,and presentation and disclosure.

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Definitions:

Joint Operations

A business activity in which two or more parties share control and management, as well as the benefits and risks of the operation.

Joint Arrangements

Accounting term for arrangements between two or more parties who undertake an economic activity that is subject to joint control.

Equal Interests

A term usually indicating that all parties involved have the same level of stake or share in an asset, liability, or agreement.

Joint Control

The contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.