Confirmation of Individual Accounts Receivable Balances Directly with Debtors Will,of

question 34

Multiple Choice

Confirmation of individual accounts receivable balances directly with debtors will,of itself,normally provide evidence concerning the

• A)Collectability of the balances confirmed.
• B)Ownership of the balances confirmed.
• C)Existence of the balances confirmed.
• D)Internal control over balances confirmed.

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Definitions:

Liable

Being legally responsible for something, especially in the context of debts or legal wrongs.

Estoppel

A legal principle that prevents a person from denying or asserting anything to the contrary of what has been established as the truth in legal proceedings.

Principal

Principal refers to a main party to a transaction, contract, or financial instrument, as opposed to an agent who acts on someone else's behalf.

Agent

A person or entity authorized to act on behalf of another (known as the principal) in legal or business matters.