Consider the following financial statement assertions:
-Perform analytical procedures on investment balances.

A)EO ? Existence or Occurrence
B)VA ? Valuation or Allocation
C)C ? Completeness
D)RO ? Rights and Obligations
E)PD ? Presentation and Disclosure
F)EO, C and VA
G)EO, VA, C, and PD
H)EO, VA and RO
I)EO, C and RO
J)EO, VA, C, RO, and PD
K)EO, VA, C and RO

Question

Consider the following financial statement assertions:
-Perform analytical procedures on investment balances.
 
A)EO ? Existence or Occurrence
B)VA ? Valuation or Allocation
C)C ? Completeness
D)RO ? Rights and Obligations
E)PD ? Presentation and Disclosure
F)EO, C and VA
G)EO, VA, C, and PD
H)EO, VA and RO
I)EO, C and RO
J)EO, VA, C, RO, and PD
K)EO, VA, C and RO

Quizplus · Accepted Answer

Performing analytical procedures on investment balances involves examining the existence or occurrence of the investments, ensuring they are properly valued or allocated, verifying the completeness of the investment records, confirming the entity's rights to the investments, and ensuring that the investments are properly presented and disclosed in the financial statements. Thus, all these assertions are relevant.

Consider the Following Financial Statement Assertions