The Audit Objective to Determine That Loans Payable in the Schedule

question 47

Multiple Choice

The audit objective to determine that loans payable in the schedule exist is verified by the tests of balances procedure to:

• A) recalculate interest expense.
• B) foot the loans payable list.
• C) examine duplicate copy of loans for authorisation.
• D) examine the balance sheet for proper disclosure of noncurrent portions.

---

Definitions:

Venice

A historic city in northeastern Italy, known for its unique canal system, rich history as a powerful maritime republic, and its architectural and cultural legacy.

Spain

A country in southwestern Europe, known for its rich history, including the Roman and Moorish influences, and later for its global empire in the 16th to 19th centuries.

Primogeniture

A legal or social system in which the firstborn child, specifically the eldest son, inherits the family estate or title.

Eldest Son

The firstborn male child in a family, often subject to specific rights, responsibilities, or inheritances in various cultures.