Accounting Multiple Choice Question – 19 August 2026

Which ONE of the following is the key assertion with which auditors are concerned in relation to payables?

Select ONE answer:

1. Completeness
2. Existence
3. Accuracy
4. Classification

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct – Completeness (i.e. understatement): liabilities are generally tested for understatement, as they are more likely to be understated than overstated. Existence (overstatement) is a higher-risk assertion for assets, as opposed to liabilities. Presentation and classification are generally less risky assertions in this case.
2. Not correct
3. Not correct
4. Not correct

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