Determining that the footnote disclosures related to long-term debt are accurate is an example of the ________ audit objective.
A) occurrence
B) completeness
C) presentation and disclosure
D) classification and understandability

Question

Quizplus · Accepted Answer

The audit objective related to the accuracy of footnote disclosures is presentation and disclosure, which ensures that the financial statements are presented in accordance with generally accepted accounting principles (GAAP) and that all necessary disclosures are made. The validity of the information presented in the footnotes related to long-term debt falls under this objective. The other objectives, occurrence, completeness, classification, and understandability, are not as relevant to footnote disclosures related to long-term debt.

Determining That the Footnote Disclosures Related to Long-Term Debt Are