The cut-off assertion for accounts payable involves testing whether all accounts payable are:
A)recorded at their correct amount.
B)actually liabilities.
C)recorded in the proper period.
D)properly classified in the financial report.

Question

Quizplus · Accepted Answer

The cut-off assertion for accounts payable involves ensuring that all accounts payable have been recorded in the proper period. This means that expenses or liabilities that belong to another period have not been included in the current period's financial report. The other choices are also important but do not specifically relate to the cut-off assertion for accounts payable.

The Cut-Off Assertion for Accounts Payable Involves Testing Whether All