For Each of the Internal Control Questions for Notes Payable $\underline{\quad\quad}$

question 12

Short Answer

For each of the internal control questions for notes payable, indicate by letter the related ASB transaction assertion. Answers may be used more than once.A. Valuation or allocation
B. Occurrence
C. Completeness
D. Rights
$\underline{\quad\quad}$ 1. Are paid notes canceled, stamped PAID, and filed?
$\underline{\quad\quad}$ 2. Are bank due notices compared with records of unpaid liabilities?
$\underline{\quad\quad}$ 3. Are notes payable kept by someone who cannot sign notes or checks?
$\underline{\quad\quad}$ 4. Is all borrowing authorization by the directors checked to determine whether a notes pavable are recorded?

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Definitions:

"Me Too" Republicanism

Is a political stance where Republicans adopt policies or positions similar to those of their opponents rather than promoting traditional conservative values.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939, designed to respond to the Great Depression.

Social Security

A government program that provides financial assistance to people with an inadequate or no income, primarily the elderly, disabled, and families with dependent children.

New Deal Coalition

An alliance of diverse voter groups in the United States that supported the Democratic Party because of Franklin D. Roosevelt's New Deal policies in the 1930s and 1940s.