What Procedure Can an Auditor Use to Determine Whether Notes

question 40

Multiple Choice

What procedure can an auditor use to determine whether notes payable on the notes payable schedule are properly classified?

• A)Review the notes to determine whether any are with related parties.
• B)Confirm notes payable.
• C)Examine corporate minutes for loan approval.
• D)Examine notes,minutes,and bank confirmations for restrictions.

---

Definitions:

Drink And Drive

The illegal act of operating a motor vehicle while under the influence of alcohol, which impairs cognitive and motor skills.

Taxi Drivers

Taxi drivers are individuals who operate cars for hire to transport passengers between locations of their choice for a fare.

Law

A system of rules created and enforced through social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate.

Basic Motivation

The fundamental reasons or driving forces behind individuals' actions and behaviors.