RaviRavi Staff asked 7 months ago

246. 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.

1 Answers
RaviRavi Staff answered 7 months ago

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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