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Match the Specific Account Balance Audit Objectives with the Codes

Question 38

Matching

Match the specific account balance audit objectives with the codes for the assertion categories .

Premises:

Responses:

The entity owns or has rights to all recorded plant assets at the balance sheet date.

Completeness

Plant asset balances include the effects of all applicable transactions for the period.

Existence or Occurrence

Plant assets are stated at cost less accumulated depreciation.

Rights and Obligations

Plant assets and related expenses are properly identified and classified in the financial statements.

Valuation or Allocation

Recorded plant assets represent productive assets that are in use at the balance sheet date.

Presentation and Disclosure

Premises:

The entity owns or has rights to all recorded plant assets at the balance sheet date.

Plant asset balances include the effects of all applicable transactions for the period.

Plant assets are stated at cost less accumulated depreciation.

Plant assets and related expenses are properly identified and classified in the financial statements.

Recorded plant assets represent productive assets that are in use at the balance sheet date.

Responses:

Completeness

Existence or Occurrence

Rights and Obligations

Valuation or Allocation

Presentation and Disclosure

Correct Answer:

Premises:

Responses:

The entity owns or has rights to all recorded plant assets at the balance sheet date.

Plant asset balances include the effects of all applicable transactions for the period.

Plant assets are stated at cost less accumulated depreciation.

Plant assets and related expenses are properly identified and classified in the financial statements.

Recorded plant assets represent productive assets that are in use at the balance sheet date.