Which of the following tests or procedures are primarily focused on the completeness, existence, and valuation assertions?
A)Vouching payroll transactions to supporting documentation
B)Recalculating accrued payroll liabilities at year-end to underlying payroll records
C)Reviewing activity in payroll accounts and investigate entries that appear unusual
D)None of the answer choices is correct.

Question

Quizplus · Accepted Answer

Recalculating accrued payroll liabilities at year-end involves verifying the completeness and existence of the liabilities and ensuring that they are properly valued. Vouching payroll transactions to supporting documentation and reviewing activity in payroll accounts both primarily focus on the occurrence and accuracy assertions. Therefore, B is the best choice that primarily focuses on completeness, existence, and valuation assertions.

Which of the Following Tests or Procedures Are Primarily Focused