Which of the following tests of details most likely would help an auditor determine whether accounts payable
Question:
Which of the following tests of details most likely would help an auditor determine whether accounts payable have been misstated?
a. Examining reported purchase returns that appear too low.
b. Examining vendor statements for amounts not reported as purchases.
c. Searching for customer- returned goods that were not reported as returns.
d. Reviewing bank transfers recorded as cash received from customers.
Accounts PayableAccounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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a Incorrect A reduction in returns would not provide evidence regarding the valuation of the acco...View the full answer
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Related Book For 
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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