In the following table, you are provided eight common audit objectives for accounts payable or purchases. For each given objective, identify the management assertion and indicate Y for yes or N for no to indicate if the audit objective is transaction-related or balance-related. (Auditing question)

Accounts payable or purchases objectives	Management assertion	Transaction-related? (Y/N)	Balance-related? (Y/N)
1. Accounts payable in the accounts payable trial balance are for valid purchases.
2. Recorded acquisitions are for goods and services received, consistent with the best interests of the client.
3. All acquisition transactions are recorded.
4. Recorded acquisition transactions are recorded at the correct amount.
5. Acquisition transactions are correctly allocated between current and long-term.
6. Acquisition transactions are recorded on the correct dates.
7. Purchase transactions are properly included in the vendor and inventory master files, and are correctly posted to the general ledger.
8. The accounts payable recorded in liabilities are obligations of the company.

Answer rating: 100% (QA)

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