Reducing 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 completeness assertion focuses on ensuring that all relevant and necessary information is included in financial statements. In the case of payables, understated payables could indicate that invoices or other obligations have been omitted, leading to an incomplete picture of the company's liabilities. Therefore, reducing the risk of understated payables involves a focus on completeness.

Reducing the Risk of Understated Payables Can Be Accomplished by Focusing