Substantive Procedures to Examine the Completeness Assertion for Accounts Payable

question 38

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.

---

Definitions:

Cash Dividends

Payments made by a corporation to its shareholder members. It's the share of the company's profits, decided and managed by the board of directors, and paid out to shareholders.

Equity Sold

The process of selling ownership interest in a company in exchange for capital.

Net Capital Spending

The total expenditure on capital assets, minus any sales of existing assets.