The primary assertion being tested when using receivable confirmations is ________.
A)completeness
B)valuation and accuracy
C)existence
D)rights and obligations

Question

Quizplus · Accepted Answer

Receivable confirmations are primarily used to test the existence assertion, verifying that the amount recorded in the financial statements actually exists and is owed by the customer. The other assertions listed, completeness, valuation and accuracy, and rights and obligations, may also be tested in other audit procedures.

The Primary Assertion Being Tested When Using Receivable Confirmations Is