Specific misstatement in one of a client's 2,000 accounts receivable is referred to as a(n):
A)Extrapolation difference.
B)Factual misstatement.
C)Redundancy effect misstatement.
D)Projected misstatement.

Question

Quizplus · Accepted Answer

A factual misstatement is a specific misstatement in an account balance or transaction. It is a misstatement that is not projected or extrapolated from the sample, but rather a direct error that was identified.

Specific Misstatement in One of a Client's 2,000 Accounts Receivable