The Primary Purpose of Accounts Receivable Confirmation Is to Satisfy

question 28

Multiple Choice

The primary purpose of accounts receivable confirmation is to satisfy the

• A)existence objective.
• B)existence and cutoff objectives.
• C)accuracy and cutoff objectives.
• D)existence,accuracy,and cutoff objectives.

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Definitions:

Handling Checks

Refers to the process involved in managing and processing checks, including endorsement, presentation for payment, and settlement.

Business Day

A day on which commercial banks are open for business, typically excluding weekends and public holidays.

Deposited

The act of placing money or another form of value into an account or repository.

Endorsement

The act of signing one's name on the back of a check or other negotiable instrument, which allows it to be transferred or cashed.