The following statement about inherent risk for long-lived assets is not true:
A) The rights and obligations assertion is significant because assets are usually pledged as collateral for the underlying debt.
B) Impairment of long-lived assets poses an inherent risk for the valuation assertion.
C) The completeness assertion rarely presents a high inherent risk.
D) Misstatements of disclosures represent only a moderate inherent risk.
E) Inherent risk for the existence assertion is often low.

Question

Quizplus · Accepted Answer

The completeness assertion rarely presents a high inherent risk because long-lived assets are usually individually controlled and accounted for.

The Following Statement About Inherent Risk for Long-Lived Assets Is