4. For an account affected by more than one transaction class, the control risk

Question

4. For an account affected by more than one transaction class, the control risk assessment for a particular account balance assertion is based on the combined control risk assessments for the same assertion pertaining to each transaction class affecting the account balance, except for a. the valuation assertion for income statement accounts the existence assertion when the transaction class increases the account. the completeness and existence assertions when the transaction class decreases the account. the rights and obligations assertion for equity accounts b. c. d.

Explanation / Answer

The correct option should be

D) the rights and obligation assertion of equity accounts downs not required assertion based on combined control risk assessment for the same assertion pertaining to each transaction

As assertion of rights and obligation of equity account does not have to other account assertion as just rights and obligation does not affect the other account balances

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