PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES DESCRIPTION 1. Occurrence and rights and obligations A. The note disclosures are accurate and their values are correct. B. The account balances are correctly classified and the related financial statement disclosures are easy 2. Completeness to understand. C. The information related to the accounts, as described in the note disclosures, do exist and represent the rights and obligations of the company. 3. Accuracy and valuation
PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES DESCRIPTION 1. Occurrence and rights and obligations A. The note disclosures are accurate and their values are correct. B. The account balances are correctly classified and the related financial statement disclosures are easy 2. Completeness to understand. C. The information related to the accounts, as described in the note disclosures, do exist and represent the rights and obligations of the company. 3. Accuracy and valuation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Problem 5: Identify the correct description to the Presentation and Disclosure-Related Audit Objective:
PRESENTATION AND
DISCLOSURE-RELATED
AUDIT OBJECTIVES
DESCRIPTION
1. Occurrence and rights
and obligations
A. The note disclosures are accurate and their
values are correct.
2. Completeness
B. The account balances are correctly classified and
the related financial statement disclosures are easy
to understand.
C. The information related to the accounts, as
described in the note disclosures, do exist and
represent the rights and obligations of the company.
3. Accuracy and valuation
4. Classification and
understandability
D. All disclosures, that are required, are included in
the financial statement footnotes.
PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 1.
PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 2.
PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 3.
PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 4.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3a220083-6f20-4939-8dca-2acd74fcacc1%2F05aa75e0-d6d8-4b89-9ea2-dc335998a4ab%2F2vgiuhr_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 5: Identify the correct description to the Presentation and Disclosure-Related Audit Objective:
PRESENTATION AND
DISCLOSURE-RELATED
AUDIT OBJECTIVES
DESCRIPTION
1. Occurrence and rights
and obligations
A. The note disclosures are accurate and their
values are correct.
2. Completeness
B. The account balances are correctly classified and
the related financial statement disclosures are easy
to understand.
C. The information related to the accounts, as
described in the note disclosures, do exist and
represent the rights and obligations of the company.
3. Accuracy and valuation
4. Classification and
understandability
D. All disclosures, that are required, are included in
the financial statement footnotes.
PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 1.
PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 2.
PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 3.
PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 4.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education