Specific Balance Assertions Typical of Accounts Payable Would Not Include

question 96

Multiple Choice

Specific balance assertions typical of accounts payable would not include

• A)Recorded liabilities are obligations of the entity.
• B)Estimated liabilities are properly valued.
• C)Accounts payable are not pledged as collateral.
• D)Payables are recorded in the proper period.

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Definitions:

Availability Heuristic

A psychological shortcut made by referencing the initial instances that pop into an individual's head when considering a certain theme, notion, approach, or decision-making process.

Confirmation Bias

An inclination towards sourcing, understanding, valuing, and recollecting insights that reinforce one's standing beliefs or presumptions.

Older Workers

Individuals in the workforce who are typically beyond middle age, often defined as being aged 50 or older, bringing experience and skills to their roles.

Factory Foreman

Refers to a person who supervises workers in a factory, ensuring that work is done efficiently, safely, and up to quality standards.