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What should be the most appropriate group to use to help provide evidence about the completeness assertion for accounts payable?



A. Vendors with whom the entity has previously done business
B. Amounts recorded in the accounts payable subsidiary ledger
C. Payees of checks drawn in th emonth after year-end
D. Invoices filed in the entity s open invoice file

This question is part of Auditing - Final - Multiple Choice
Asked by Dodonutt, Last updated: Oct 11, 2018

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2 Answers

h.Jennifer

H.Jennifer

Answered on Feb 03, 2018

The most appropriate group to use to help provide evidence about the completeness assertion for accounts payable would be vendors with whom the entity has previously done business. Accounts payable refers to money owed by a business to its suppliers and is shown as a liability on the company’s balance sheet.

Accounts payable has a definite distinction from notes payable liabilities which refers to debts created by formal legal instrument documents. Accounts payable can also be defined as an accounting entry that is put in place to represent an entity’s obligation to pay off a short term debt to its creditors.

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John Smith

John Smith

Answered on Jan 24, 2017

Vendors with whom the entity has previously done business

LO #18-6 #18-7
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