Substantive Procedures to Examine the Occurrence Assertion for Accounts Payable

question 29

Multiple Choice

Substantive procedures to examine the occurrence assertion for accounts payable include:

• A)selecting a sample of vouchers and agreeing them to authorized purchase orders.
• B)selecting a sample of vouchers and tracing them to the purchases journal.
• C)comparing dates on vouchers to dates in the purchases journal.
• D)recomputing the mathematical accuracy of a sample of vendor invoices.

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Definitions:

Company Earned

The total revenue or profit generated by a company over a specific period.

Store Owner

An individual or entity that owns and manages a retail business establishment.

Carpets Left

Refers to the quantity of carpets that remain unsold or available in inventory.

Economic Profit

The distinction between the sum of all income and the total of all expenses, encompassing both direct and indirect costs.