Which of the Following Assertions Is of Principle Concern to the Auditors

question 14

Multiple Choice

Which of the following assertions is of principle concern to the auditors in the examination of accounts payable?

• A)Existence.
• B)Completeness.
• C)Valuation.
• D)Authorization.

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Definitions:

Commission

The fee paid to a broker or agent for conducting a transaction, typically a percentage of the transaction value.

Limit Order Book

A record of all open buy and sell orders for a specific security or asset, organized by price level.

Market Buy Order

An order to purchase a security immediately at the best available current price.

Last Trade

The most recent transaction that occurred for a specific security on a trading platform.