The ASB Balance Objective Related to _____________________________ Is to Establish

question 49

Short Answer

The ASB balance objective related to _____________________________ is to establish with evidence that all transactions and accounts that should be presented in the financial statements are included.

---

Definitions:

Purchase Obligation

A commitment to buy goods or services under specified conditions, often including future dates and quantities.

Adjusting Journal Entries

Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Contingent Loss

A potential financial loss that may occur in the future depending on the outcome of a specific event, often recognized in financial statements once the loss is deemed probable and the amount can be reasonably estimated.

Cancellable

The property of being able to be cancelled or terminated, often referring to contracts, policies, or agreements that can be ended before the agreed-upon term.