When management presents the financial statements to the auditor,management makes several assertions about the financial statements.Which of the following is not one of these assertions?
A)existence or occurrence
B)evaluation
C)accuracy
D)classification

Question

Quizplus · Accepted Answer

The assertion of "evaluation" is not one of the financial statement assertions made by management. The other three assertions are commonly recognized and relate to the accuracy, completeness, and validity of the financial information presented. "Classification" refers to the proper categorization of financial transactions and balances in the financial statements. "Existence or occurrence" refers to the existence and validity of assets, liabilities, and transactions presented in the financial statements. "Accuracy" refers to the proper measurement and valuation of transactions and balances in the financial statements.

When Management Presents the Financial Statements to the Auditor,management Makes