Accounts Payable Confirmations Are Used to Test

question 9

Multiple Choice

Accounts payable confirmations are used to test

• A) Both the existence and completeness audit assertions.
• B) Only the existence audit assertion.
• C) Only the completeness audit assertion.
• D) Either existence or completeness, depending upon the response rate.

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Definitions:

Planning Budget

A planning budget refers to a financial plan that estimates income, expenditure, and resources over a certain period, tailored to achieve specific goals or objectives.

Customers Served

The number of clients or customers to whom a business has provided products or services.

Revenue

The aggregate sum of funds a company acquires from selling products or offering services over a specific period.

Chairs Repaired

A metric indicating the number of chairs fixed or restored to their original condition, often used in furniture repair businesses to track productivity.