The procedure: "select a sample of 10 balances from the accounts payable trial balance and vouch to supplier statements" is a substantive test of which assertion(s)?
A)Completeness,valuation,and presentation
B)Valuation and ownership
C)Existence,completeness,and ownership
D)Completeness

Question

Quizplus · Accepted Answer

This procedure tests the existence of balances in the accounts payable trial balance, the completeness of recorded balances, and whether the balances are owned by the entity (i.e. not duplicate or fictitious).

The Procedure: "Select a Sample of 10 Balances from the Accounts