The occurrence objective for purchases, payabland payroll requirthat accounts payable and payroll liabilitiinclude all amounts owed by the entity to suppliers of goods and servicat the end of the reporting period.

Question

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The occurrence objective ensures that recorded transactions actually occurred, while completeness ensures all liabilities are recorded. The statement confuses these objectives.

The Occurrence Objective for Purchases, Payabland Payroll Requirthat Accounts Payable