Which of the following would not typically be a specific relevant assertion about fixed asset accounts?
A)Fixed assets in the accounts exist and are in productive use.
B)Net carrying book values in the accounts are reflected at current market values.
C)Depreciation has been calculated properly using accepted methods and reasonable estimates of useful life and other factors.
D)Fixed assets are properly classified in the balance sheet under appropriate descriptive captions.

Question

Quizplus · Accepted Answer

The net carrying book values in fixed asset accounts are typically not reflected at current market values. Instead, they are usually based on historical cost less accumulated depreciation. Therefore, B would not be a typical relevant assertion about fixed asset accounts.

Which of the Following Would Not Typically Be a Specific