The Audit Objective to Determine That Existing Loans Payable Are

question 107

Multiple Choice

The audit objective to determine that existing loans payable are included in the loans payable schedule (completeness) is accomplished by the following test of balances procedure:

• A) Trace the individual loans payable on the schedule to the master file.
• B) Examine duplicate copies of loan agreements for principal and interest rates.
• C) Review loans to determine whether any are related-party loans or accounts payable.
• D) Review the bank reconciliation for new loans credited directly to the bank account by the bank.

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Definitions:

Safety Officers

Professionals responsible for ensuring workplace health and safety compliance and implementing preventive measures against accidents.

Employee Representatives

Individuals elected or selected to represent the interests of workers in discussions with management, often in the context of a union.

Occupational Health

A field of healthcare and safety concerning the physical and mental well-being of employees in the workplace.

Safety

The condition of being protected from or unlikely to cause danger, risk, or injury in a workplace or environment.