RaviRavi Staff asked 9 months ago
1 Answers
RaviRavi Staff answered 9 months ago

323. Risk at financial statement level means that
misstatement:
a) may exist pervasively in financial statement as a whole and may affect many assertions.
b) may exist for particular class of transaction, account balance level or at disclosure level.
c) may not exist pervasively in financial statement as a whole and may affect many assertions.
d) may exist for particular class of transaction, account balance level or at disclosure level
Answer:a) may exist pervasively in financial statement as
a whole and may affect many assertions.
 
MCQ revised for better understanding:
Risk at financial statement level means that misstatement :
a) may exist pervasively in financial statement as a whole and may affect many assertions.
b) may exist for particular class of transaction ,account balance level or at disclosure level.
c) may not exist pervasively in financial statement as a whole and may affect many assertions.
d) may exist for group of transaction ,account balance level or at disclosure level.
Answer:a) may exist pervasively in financial statement as a whole and may affect many assertions.
 

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