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.

Recognize the differences and similarities between manuals, sets of instructions, and definitions.

Identify effective strategies for writing, revising, editing, and proofreading technical documentation.

Distinguish between secured and nonsecured debts in the context of bankruptcy.

Understand the role and importance of instructional videos and printed documentation for companies.

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Definitions:

Jointly Liable

A legal term indicating that two or more parties are equally responsible for the fulfillment of a liability or debt.

UPA

stands for Uniform Partnership Act, which is a set of laws adopted by some states in the United States to govern the formation, operation, and dissolution of partnerships.

RUPA

The Revised Uniform Partnership Act, which is a set of laws aiming to govern the operation of partnerships within the United States.

Limited Liability Partnership (LLP)

A partnership in which some or all partners have limited liabilities, protecting them from personal responsibility for the debts of the business.