[kukuna2008]

here is a released 2013 Auditing MCQ which doesn’t make any sense to me, anyone can help?

Which of the following is a management assertion regarding account balances at the period-end?

A.Transactions and events that have been recorded have occurred and pertain to the entity.

B.Transactions and events have been recorded in the proper accounts.

C.The entity holds or controls the rights to assets, and liabilities are obligations of the entity.

D.Amounts and other data related to transactions and events have been recorded appropriately.

the correct answer is C, because rights and obligations presents one of the account balance assertions. I chose c, isn’t Valuation is account balance assertion too?

Thank you!

FAR - 83, 04/2015
AUD - 73, 86, 08/2015
REG - 75
BEC - 71, rematch in 04/2016