Question

Chack my wO Select the necessary words from the list of possibilities to complete the following statements. Statements Answer Accounts payable from important vendors should be confirmed, even though the accounts have 1. balances at year-end. 2. Auditors often obtain written from management regarding the existence of unrecorded payables. When unrecorded liabilities are discovered by the auditors, they should evaluate whether the omission is sufficiently 3. material to warrant Proper balance sheet presentation of accounts payable requires that any material amounts payable to 4. such as directors and officers, be disclosed separately from other accounts payable. Most 5. nature received before the balance sheet date. represent obligations payable sometime during the succeeding period for services of a continuing < Prev 2 of 6 Next search

Answer 1

Sl. No.	Particulars	Answer
1	Accounts payable from important vendors should be confirmed even though the accounts have Nil balances at the year-end.	Zero
2	Auditors often obtain written representations from management regarding the existence of unrecorded payables.	Representations
3	When unrecorded liabilities are discovered by the Auditors, they should evaluate whether the omission is sufficiently material to warrant an adjusting journal entry.	An adjusting journal entry
4	Proper balance sheet presentation of accounts payable require that any material amounts payable to related parties such as directors and officers, be disclosed separately from other accounts payable.	Related Parties
5	Most represent obligations payable sometime during the succeeding period for services of a continuing nature received before the balance sheet date.	Accrued liabilities