If Payables Turnover Has Increased Significantly Since the Prior Year

question 21

Multiple Choice

If payables turnover has increased significantly since the prior year, this is an indication that which of the following assertions for accounts payable might be violated?

• A)Existence or occurrence.
• B)Completeness.
• C)Rights and obligations.
• D)Valuation and allocation.

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Definitions:

Anti-federalists

Opponents of the ratification of the U.S. Constitution who feared the creation of a strong central government, preferring more power to be held by the states.

Supreme Court

The highest court in the federal judiciary of the United States, with ultimate appellate jurisdiction over all federal and state court cases that involve a point of federal law.

Coequal Branch

A principle referring to the three branches of the U.S. government (Legislative, Executive, Judicial), each having equal power to ensure a balance within the federal system.