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Public accounting firms acting as auditors of companies are very careful to ensure that all of the companys accounts payable are recorded in the proper

Public accounting firms acting as auditors of companies are very careful to ensure that all of the companys accounts payable are recorded in the proper period. In other words, they want to ensure that all payables relating to the year under review are recorded as a liability at year end. Required Explain why you think auditors are so concerned that all payables owing at year end be properly recorded in the correct accounting period

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