The specific objective accounts payable are legal obligations of the entity at the balance sheet date is derived from the: A) existence or occurrence. B) completeness. C) rights and obligations. D) presentation and disclosure. E) valuation or allocation.

Question

Quizplus · Accepted Answer

The specific objective mentioned pertains to the entity's responsibility to ensure that all its legal obligations as of the balance sheet date are recognized and recorded. This aligns with the rights and obligations assertion, which concerns the entity's rights to its assets and the obligations it has due to its liabilities at a given date.

The Specific Objective accounts Payable Are Legal Obligations of the Entity