Final answer:
To assess whether a company has underrecorded accounts payable, the acid-test ratio, accounts payable/purchases, and accounts payable/cost of goods sold ratios are helpful. The unearned revenue/accounts payable ratio is not directly useful for this assessment because it doesn't relate to the purchase of goods or services like the other ratios do.
Step-by-step explanation:
When examining whether a company has underrecorded accounts payable, several ratios can be used to assess the completeness of the accounts payable balance. These ratios include the acid-test ratio, which measures a company's ability to pay off short-term liabilities with quick assets, and the current ratio, which provides a broader assessment of a company's ability to meet its short-term obligations by comparing current assets to current liabilities.
Two more specific ratios are the accounts payable to purchases ratio and the accounts payable to cost of goods sold ratio, both of which directly involve accounts payable in their calculations and are helpful in determining how quickly a company is paying its suppliers in relation to its purchasing activity and cost of goods sold, respectively.
However, the ratio of unearned revenue to accounts payable does not directly help in assessing the completeness of the accounts payable balance, as unearned revenue relates to the liability for goods or services that are yet to be delivered or performed, which isn't directly correlated with the purchase of goods or services that would impact accounts payable.