The auditor is performing tests of transactions for individual accounts payable transactions with vendors.Which document provides more reliable information about individual transactions with vendors?
A)Receiving report
B)Vendors' invoices
C)Vendors' statements
D)Purchase orders

Question

Quizplus · Accepted Answer

Vendors' invoices provide the most reliable information about individual transactions with vendors as they contain details of the goods or services received, the amount owed, and the terms of sale. Receiving reports support the information on the invoice by indicating that goods were received and accepted, while vendors' statements summarize all transactions with the vendor over a period, and purchase orders only represent the expectation of a transaction.

The Auditor Is Performing Tests of Transactions for Individual Accounts