What are the key assertions for payables?
A)Completeness and rights and obligations
B)Completeness and valuation and allocation
C)Existence and completeness
D)Classification and valuation and allocation

Question

Quizplus · Accepted Answer

The key assertions for payables are completeness and valuation and allocation. Completeness asserts that all payables that should have been recorded have been recorded, while valuation and allocation assert that payables have been recorded at the correct amount and allocated to the correct period. Rights and obligations, existence, and classification are assertions for other financial statement items.

What Are the Key Assertions for Payables