Accounts payable confirmations are used to test:
A. both the existence and completeness audit assertions.
B. only the completeness audit assertion.
C. only the existence audit assertion.
D. either existence or completeness, depending upon the response rate.
Answer: A
You might also like to view...
Which of the following will not cause the percent earned on operating property of a utility to fall?
a. Sale of a fully depreciated asset at a loss b. Building a new plant c. Increase in operating expenses d. Decrease in borrowing and interest expense e. Decrease in revenue
Jumpdisk Company writes checks averaging $15,000 a day, and it takes 5 days for these checks to clear. The firm also receives checks in the amount of $17,000 per day, but the firm loses three days while its receipts are being deposited and cleared. The firm's net float in dollars is:?
A. ?$126,000. B. ?$75,000. C. ?$32,000. D. ?$24,000. E. ?$16,000.
Large technology companies such as IBM and Microsoft trade
A) exclusively on the NASDAQ. B) exclusively on the NYSE. C) on either the NASDAQ or the NYSE. D) exclusively on alternative trading systems.
Which of the following statements is false?
A) People with a small amount of assets do not typically need a will. B) A parent can use a will to appoint a guardian for his/her children. C) A valid will can minimize probate problems. D) A legally enforceable will must be made when a person is of sound mind.