The test of details of balances procedure to "inspect the accounts payable trial balance and master file for related parties,notes,or other interest-bearing liabilities" satisfies the objective of
A)existence.
B)completeness.
C)classification.
D)detail tie-in.

Question

Quizplus · Accepted Answer

Inspecting the accounts payable trial balance and master file for related parties, notes, or other interest-bearing liabilities helps ensure that liabilities are properly classified in the financial statements, satisfying the objective of classification.

The Test of Details of Balances Procedure to "Inspect the Accounts