The two most important balance-related audit objectives for notes payable are
A) completeness and detail tie-in.
B) completeness and valuation.
C) accuracy and valuation.
D) accuracy and completeness.

Question

Quizplus · Accepted Answer

Accuracy ensures that the amounts recorded for notes payable are correct, and completeness ensures that all notes payable that should be recorded are indeed recorded in the financial statements.

The Two Most Important Balance-Related Audit Objectives for Notes Payable