Specific balance assertions typical of accounts payable would not include
A)recorded liabilities are obligations of the entity.
B)estimated liabilities are properly valued.
C)accounts payable are not pledged as collateral.
D)payables are recorded in the proper period.

Question

Quizplus · Accepted Answer

Specific balance assertions for accounts payable would typically include verifying that recorded liabilities actually represent obligations of the entity, confirming that estimated liabilities are appropriately valued, and ensuring that payables are recorded in the correct period. However, whether or not accounts payable are pledged as collateral would not be a relevant balance assertion for this account.

Specific Balance Assertions Typical of Accounts Payable Would Not Include