Key assertions relating to relevant disclosures for payables are _______.
A)going concern, completeness, classification and understandability, accuracy and valuation
B)occurrence and rights and obligations, completeness, classification and understandability, accuracy and valuation
C)occurrence and rights and obligations, completeness, classification and understandability, note disclosure
D)credibility, completeness, classification and understandability, accuracy and valuation

Question

Quizplus · Accepted Answer

Occurrence and rights and obligations are important to ensure that the payables actually exist and are valid obligations of the company. Completeness is important to ensure that all payables are recorded and disclosed. Classification and understandability are important to ensure that payables are appropriately classified and presented in the financial statements. Finally, accuracy and valuation are important to ensure that the payables are recorded at the correct amounts. Note disclosure is not specifically related to payables, and credibility is not a key assertion for payables.

Key Assertions Relating to Relevant Disclosures for Payables Are _______