Question: During his testing, Ben found out that a large number of recorded accounts payable did not have supporting documentation. Which of the statements is true?

During his testing, Ben found out that a large number of recorded accounts payable did not have supporting documentation. Which of the statements is true?

1) Ben can conclude that the assertion of accuracy, valuation, and allocation is not met.

2) Ben can conclude that the assertion of completeness is not met

a.

Only statement 1 is true

b.

Only statement 2 is true

c.

Both statements 1 and 2 are true

d.

Neither statements 1 nor 2 are true

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!