The audit objective that costs and expenses are stated in the income statement at the appropriate amounts relates to which assertion?
A) Completeness
B) Occurrence
C) Classification
D) Accuracy

Question

Quizplus · Accepted Answer

The assertion of accuracy pertains to the audit objective of costs and expenses being stated in the income statement at the correct amounts. Accuracy ensures that financial statement amounts are free from material misstatements and reflect the correct values.

The Audit Objective That Costs and Expenses Are Stated in the Income