Which one of the following assertions is not made by management in placing an item in the financial statements?
A) existence or occurrence
B) direct controls
C) rights and obligations
D) presentation and disclosure
E) completeness

Question

Quizplus · Accepted Answer

Direct controls are not typically an assertion made by management in the context of placing an item in the financial statements. Assertions such as existence or occurrence, rights and obligations, presentation and disclosure, and completeness are common, but direct controls refer more to the processes and procedures in place to ensure the reliability of financial reporting, rather than an assertion about the financial information itself.

Which One of the Following Assertions Is Not Made by Management