The existence assertion for accounts payable includes:
A)determining whether all accounts payable are recorded.
B)determining whether all accounts payable actually are liabilities.
C)determining whether all accounts payable are recorded in the proper period.
D)determining whether all accounts payable are properly classified in the financial statements.

Question

Quizplus · Accepted Answer

The existence assertion for accounts payable focuses on verifying that the recorded liabilities actually exist and are legitimate obligations of the company.

The Existence Assertion for Accounts Payable Includes