Author Question: Determining if the financial instruments included in the schedule of investment activity at year-end ... (Read 20 times)

tspaw0811 · **on:** Aug 21, 2022

Question 1

As part of their internal control procedures, management needs to have procedures in place to properly classify financial instruments as trading, available-for-sale, or held-to-maturity, based on
◦ cost.
◦ intent.
◦ maturity.
◦ probable future gain or loss.

Question 2

Determining if the financial instruments included in the schedule of investment activity at year-end are stated at appropriate amounts in accordance with accounting standards is the balance-related audit objective of
◦ materiality.
◦ realizable value.
◦ consistency.
◦ classification.

dsfhkjdfaskjfdsjk · **Reply #1 on:** Aug 21, 2022

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