The occurrence objective for purchases, payables and payroll requires that accounts
payable and payroll liabilities include all amounts owed by the entity to suppliers of goods
and services at the end of the reporting period.

Question

Quizplus · Accepted Answer

The occurrence objective ensures that recorded transactions actually occurred, while completeness ensures all liabilities are recorded. The statement confuses these objectives.

The Occurrence Objective for Purchases, Payables and Payroll Requires That