Which of the Following Are Substantive Tests of Payables Balances

question 43

Multiple Choice

Which of the following are substantive tests of payables balances that are always performed?

• A)Test the cut-off by inspecting the payments ledger and supporting documents to determine that transactions are recorded in the period
• B)Perform a search for unrecorded liabilities
• C)Examine the client's bank reconciliations
• D)All of the above

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Definitions:

Money

A medium of exchange in the form of coins and banknotes; used to facilitate transactions for goods and services.

Lookup Field

A field in a database that matches data from one table to relevant information in another, facilitating data retrieval and relationships within the database.

Lookup Tab

Often refers to a feature in spreadsheet or database software that allows users to search for and reference information from a different table or sheet.

Table Design View

A feature in database software that allows users to define and modify a table's structure, including its fields and data types.