Substantive Procedures to Examine the Completeness Assertion for Accounts Payable

question 16

Multiple Choice

Substantive procedures to examine the completeness 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:

Net Income

The total earnings of a company after subtracting all expenses, including taxes and costs, from its total revenues.

Accrued Revenue

Revenue that has been earned but not yet received, typically recorded with an adjusting journal entry.

Tutoring

The act of providing personal or group instruction or assistance in a particular subject or skill, aiming to improve the learner's understanding or proficiency.

Invoiced

The process of sending a document to a customer indicating amounts owed for goods or services provided.