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:

Motivated

The drive or willingness to engage in an activity or achieve a goal, stemming from internal desires or external incentives.

Normative Social Influence

Influence resulting from a person’s desire to gain approval or avoid disapproval.

Shoplift

The act of stealing goods from a retail establishment without paying for them.

Fundamental Attribution Error

The tendency to overestimate the effect of personality or disposition and underestimate the influence of situational factors when explaining others' behavior.