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Which Statement Is Correct

Question 55

Multiple Choice

Which statement is correct?


A) Supplier discounts can only be accounted for by using the gross method.
B) The amount owing for trade payables is generally not known with a high degree of certainty.
C) An accrued liability is needed when a company has received goods,but not the invoice.
D) Completeness means that obligations are reported in the proper accounting period.

Correct Answer:

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