During an audit of an entity's stockholders' equit...

Auditing Practice Questions Test 1 (Chapters 1-4) Test

Question Number 3

During an audit of an entity's stockholders' equity accounts, the auditor determines whether there are restrictions on retained earnings resulting from loans, agreements or state law. This audit procedure more likely is intended to verify management's assertion of

A) existence or occurence

B) completeness

C) valuation or allocation

D) presentation and disclosure

✔ Correct Answer:

D) presentation and disclosure

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Auditing Practice Questions Test 1 (Chapters 1-4) Test

Question Number 3

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