Accounts payable, What are some of the reasons

Accounts payable

Assignment Help Financial Accounting

Reference no: EM13913495

As part of the audit process, auditors like to try to get as much work as possible done before the balance sheet date. This is possible with several accounts due to their nature and the extent of the testing done. However, the accounts payable audit is performed after the balance sheet date.

What are some of the reasons that accounts payable testing should not be performed until after the company year end?

What are the specific timing issues that come into play when the auditor tries to determine the true value of accounts payable?

Why are audit confirmations so critical in valuing accounts payable?

Reference no: EM13913495

Questions Cloud

Chelates are more stable than simple complexes : Chelates are more stable than simple complexes? explain!

Invest in stock portfolio : You have $251,000 to invest in a stock portfolio. Your choices are Stock H, with an expected return of 14.1 percent, and Stock L, with an expected return of 10.2 percent. If your goal is to create a portfolio with an expected return of 12.05 percent,..

Find the position of the mass at any time : If the spring is stretched to a length of 0.7 m and then released with initial velocity 0, find the position of the mass at any time.

The form on page shows the amounts that appear : The form on page shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 workers in Ranger Company.

Accounts payable : What are some of the reasons that accounts payable testing should not be performed until after the company year end

The leader of a local health care organization : The leader of a local health care organization, Cindy Janowski, has noticed leading organizations successfully implement Quality Improvement plans. Cindy wants to ensure her organization keeps current with those organizations' quality standards. She ..

When comparing mutually exclusive projects : The internal rate of return: A) may produce multiple rates of return when cash flows are conventional. B) is best used when comparing mutually exclusive projects. C) is rarely used in business world today.

Calculate the cheng in draught : A ship of draft 10 m is loading in salt water density 1015 kg/m3. Calculate the cheng in draught on entering salt water of density 1025 kg/m3.

Earns net income and selling merchandise : Earns net income by buying and selling merchandise.

User Account

All Pages