Which of the following assertions is least likely to be tested exclusively at an interim date? A) existence or occurrence for plant assets. B) valuation for cash. C) completeness for accounts payable. D) existence or occurrence for inventory. E) rights and obligations for inventory.

Question

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Completeness for accounts payable is least likely to be tested exclusively at an interim date because it involves ensuring all liabilities are recorded, which can change significantly towards the end of the fiscal period. Testing at an interim date might not capture all relevant transactions.

Which of the Following Assertions Is least Likely to Be