The Most Important Balance-Related and Presentation and Disclosure-Related Audit Objectives

question 38

Multiple Choice

The most important balance-related and presentation and disclosure-related audit objectives for notes payable are

• A)accuracy,existence,and completeness.
• B)existence,completeness,and valuation.
• C)accuracy,completeness,and understandability.
• D)accuracy,completeness,and valuation.

---

Definitions:

Ratified Union Contracts

Ratified union contracts are agreements that have been formally approved by both the union members and the management, outlining conditions of employment, wages, and benefits.

Collective Agreement

A labour contract that addresses a variety of issues, such as wages and benefits, hours of work, working conditions, grievance procedures, safety standards, probationary periods, and work assignments; usually negotiated between the local union’s bargaining committee and the human resource or industrial relations department.

Disciplinary Action

Measures taken by an employer against an employee who has violated company policies or standards of conduct.

Collective Agreement

A negotiated contract between an employer and a labor union that outlines terms of employment, wages, and working conditions for employees.