After the general balance- related objectives are understood, specific objectives for each account balance on the financial statements can be developed. Which of the following statements is true?
A) There must be two specific objectives for each general objective.
B) There should be at least one specific objective for each relevant general objective.
C) There will be only one specific objective for each relevant general objective.
D) There will be many specific objectives developed for each relevant general objective.

Question

Quizplus · Accepted Answer

The statement "There should be at least one specific objective for each relevant general objective" is true. It is important to have specific objectives for each account balance to ensure that the financial statements accurately reflect the company's financial position and performance. However, there is no set rule for the number of specific objectives for each general objective.

After the General Balance- Related Objectives Are Understood, Specific Objectives