The audit objective that costs and expenses are stated in the income statement at the appropriate amounts relates to which assertion?
A)Classification
B)Completeness
C)Occurrence
D)Accuracy

Question

Quizplus · Accepted Answer

The accuracy assertion relates to ensuring that financial statement amounts are correct and free from material misstatement. Verifying that costs and expenses are stated at the appropriate amounts directly relates to the accuracy assertion.

The Audit Objective That Costs and Expenses Are Stated in the Income