Solved

Match the Specific Account Balance Audit Objectives with the Codes

Question 77

Matching

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

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:

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.
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