The Valuation and Allocation Assertion Relates to Which of the Following

question 15

Multiple Choice

The valuation and allocation assertion relates to which of the following audit objectives?

• A)Accounts payable are stated at the amounts owed at year-end
• B)All accounts payable on the balance sheet are real debts payable for goods received or services performed
• C)All accounts payable owed by the entity at year-end are included on the balance sheet
• D)Accounts payable are properly classified,described and disclosed in the financial report

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Definitions:

Confirmation Bias

An inclination to look for, comprehend, prioritize, and bring to mind details in a way that affirms someone's preconceived notions or assumptions.

Premonitions

A feeling or intuition of a future event, especially one of significant importance, without a rational basis.

Independent Variable

An independent variable is a variable that is manipulated or changed in an experiment to test its effects on dependent variables.

Drinking Coffee

The act of consuming coffee, a brewed beverage prepared from roasted coffee beans, often praised for its stimulant effects due to caffeine.