What are the key assertions for payables?
A) Completeness and valuation and allocation
B) Existence and completeness
C) Completeness and rights and obligations
D) Classification and valuation and allocation

Question

Quizplus · Accepted Answer

Completeness and valuation and allocation are key assertions for payables because they ensure that all payables are recorded, that they are valued at the correct amount, and that they are allocated to the correct period.

What Are the Key Assertions for Payables