Question: Classification is an important assertion for expenses because: (a) There is often an incentive to overstate expenses. (b) Some expenses are subject to specific disclosure
Classification is an important assertion for expenses because:
(a) There is often an incentive to overstate expenses.
(b) Some expenses are subject to specific disclosure requirements.
(c) Vouching is a useful audit technique for expenses.
(d) Auditing assets gives no evidence about certain expenses.
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