Which of the following is not true in relation to external confirmations?
A) They are highly reliable.
B) They are expensive to perform.
C) They are time-consuming to collect.
D) It is mainly liabilities that require external confirmation.

Question

Quizplus · Accepted Answer

External confirmations can be used for various types of account balances and transactions, not just liabilities. They can be used for confirming asset balances and ownership, revenues, and expenses as well, making the statement that it is mainly liabilities that require external confirmation not true.

Which of the Following Is Not True in Relation to External