Auditors inspecting a sample of accounts payable balances listed on the ledger and verifying that they are true payables owed by the client gather evidence in support of the _______ assertion.
A)accuracy
B)occurrence
C)completeness
D)existence

Question

Quizplus · Accepted Answer

The existence assertion relates to whether assets, liabilities, and equity interests included in the financial statements exist. By verifying that the accounts payable balances listed on the ledger are true payables owed by the client, auditors are gathering evidence in support of the existence assertion.

Auditors Inspecting a Sample of Accounts Payable Balances Listed on the Ledger