An auditor most likely would inspect loan agreements under which an entity\'s in

Question

An auditor most likely would inspect loan agreements under which an entity's inventories are pledged to support management's financial statement assertion of:

A) Completeness.

B) Existence or occurrence.

C) Presentation and disclosure.

D) Valuation or allocation.

All corporate capital stock transactions should ultimately be traced to the:

A) Cash disbursements journals.

B) Minutes of the board of directors.

C) Cash receipts journal.

D) Numbered stock certificates.

I know the answer is not D on either of these questions because that is what I answered and it was incorrect.

Thank you so much for your help!

A) Completeness.

B) Existence or occurrence.

C) Presentation and disclosure.

D) Valuation or allocation.

All corporate capital stock transactions should ultimately be traced to the:

A) Cash disbursements journals.

B) Minutes of the board of directors.

C) Cash receipts journal.

D) Numbered stock certificates.

I know the answer is not D on either of these questions because that is what I answered and it was incorrect.

Thank you so much for your help!

Explanation / Answer

1. The answer is B Existence and occurrence.

2, The answer is B Minutes of Board of Directors as all stock related things are discussed with the board

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