State Four of the Seven Specific Balance-Related Audit Objectives for Property

question 109

Essay

State four of the seven specific balance-related audit objectives for property, plant, and equipment additions and, for each objective, describe one common test of details of balances.

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Definitions:

Dividends

Payments made by a corporation to its shareholder members, distributing earnings.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, typically comprising the balance sheet, income statement, and cash flow statement.

Accounting Figures

Quantitative values or financial numbers that are recorded from business transactions in the financial statements.

Actual Cash Flows

The real movement of money in and out of a business or investment, excluding any projections or estimates.