Which internal control objectives relate to the financial statement assertion of valuation?
A)Validity,authorization,and proper period
B)Authorization,classification,and validity.
C)Completeness,accuracy,and proper period
D)Authorization,classification,and accuracy

Question

Quizplus · Accepted Answer

The internal control objectives that relate to the financial statement assertion of valuation are authorization, classification, and accuracy. Authorization ensures that only authorized personnel can make decisions about the valuation of assets, liabilities, and equity. Classification ensures that items are properly categorized on the financial statements, which impacts their valuation. Accuracy ensures that the financial statements reflect the true and fair value of assets, liabilities, and equity. Therefore, option D is the best choice as it includes all three objectives: authorization, classification, and accuracy.

Which Internal Control Objectives Relate to the Financial Statement Assertion