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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

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