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

The assertion that accounts payable are not pledged as collateral is not a typical balance assertion for accounts payable, as this assertion pertains to the use of accounts payable rather than their existence or accuracy. The other options are all relevant balance assertions for accounts payable.

Specific Balance Assertions Typical of Accounts Payable Would Not Include