The Valuation and Allocation Assertion Relates to Which of the Following

question 27

Multiple Choice

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

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

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Definitions:

Air Transportation

The conveyance of people or goods from one place to another using aircraft.

Antique Porcelain

A category of collectible or valuable ceramics made in earlier periods, often prized for their craftsmanship, history, and aesthetic qualities.

Valued

Considered to be of importance, worth, or usefulness in a particular context.

Sustainability

The practice of conducting business in a manner that seeks to mitigate environmental impact and promote long-term ecological balance.