Management assertions fall into category-true or false

Assignment Help Financial Accounting

Reference no: EM132775436

TRUE OR FALSE: Write the word TRUE for each correct statement; otherwise, write FALSE.

Question 1. __________ There is no need to perform substantive test procedures if control risk is at the "less than high" level.

Question 2. __________ Tests of details of balances focus only on testing the year-end balances of balance sheet accounts.

Question 3. __________ In performing analytical procedures, the auditors may use peso amounts, physical quantities, or percentages.

Question 4. __________ The completeness of recording of assets is generally verified by tracing from the source documents to the recorded entry

Question 5. __________ Statistical sampling cannot be used to test all control activities.

Question 6. __________ Management assertions fall into four main categories.

Question 7. __________Audit evidence includes only written information used by the auditor in arriving at an opinion about the fairness of financial statements.

Question 8. __________The classification assertion refers to transactions and events being recorded in the correct accounting period.

Question 9. __________The completeness assertion refers to ensuring that transactions and events that should have been recorded actually have been recorded.

Question 10. __________The relevance of audit evidence or specific audit procedures depends on the assertion being tested.

Reference no: EM132775436

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