Final answer:
The statement is false; the audit objective in question is not a balance-related audit objective but rather relates to the proper timing of recording transactions.
Step-by-step explanation:
The cutoff objective, 'transactions near the balance sheet date are recorded in the proper period,' indeed focuses on ensuring that transactions are recorded in the correct accounting period and thus speaks to the accuracy and timing of accounting records rather than the balance itself. Therefore, this statement is false as it is not directly a balance-related audit objective. Instead, it is mainly associated with the timing of recognizing transactions to ensure that they are recorded in the period in which they actually occurred.
A T-account is a visualization of a ledger account that is useful for understanding the accounting for transactions during an audit. Transaction costs are relevant to the recording of transactions as they include costs associated with transferring funds or securing loans, which if not properly accounted for, could impact the accuracy of financial statements including the balance sheet. A time deposit, such as a certificate of deposit, is a specific banking transaction that should be recorded in the period it is made to correctly reflect liabilities or assets on the balance sheet.