The Specific Audit Objective "Accounts Payable Are Liabilitiof the Entity

question 32

Multiple Choice

The specific audit objective "accounts payable are liabilitiof the entity at the balance date" is derived from the:

• A) completeness assertion.
• B) valuation or measurement assertion.
• C) presentation or disclosure assertion.
• D) rights and obligations assertion.

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Definitions:

Prescription

An authoritative recommendation or directive, often related to medical treatment or legal matters.

Resocialization

The profound change or complete transformation of a person’s personality as a result of being placed in a situation or an environment dedicated to changing his or her previous identity.

Erving Goffman

A Canadian-born sociologist and writer, known for his analysis of human interaction in everyday life and his development of dramaturgical analysis.

Primary and Secondary Socialization

Primary socialization refers to the process where individuals learn the values, behaviors, and social norms through their early interactions within the family. Secondary socialization occurs later in life when individuals learn appropriate behavior within smaller sections of the larger society, like schools and workplaces.