Reduction of the risk of understated payables can be accomplished by focusing on which assertion?
A) Existence.
B) Rights.
C) Presentation and disclosure.
D) Completeness.

Question

Quizplus · Accepted Answer

The risk of understated payables can be reduced by focusing on the completeness assertion, which ensures that all payables have been recorded in the financial statements. This assertion ensures that there are no unrecorded liabilities that will cause an understatement of payables.

Reduction of the Risk of Understated Payables Can Be Accomplished