Which of the Following Audit Tests Would Provide Evidence Regarding

question 47

Multiple Choice

Which of the following audit tests would provide evidence regarding the balance-related audit objective of existence for an audit of notes payable?

• A) Examine due dates on duplicate copies of notes.
• B) Examine balance sheet for proper presentation and disclosure of notes payable.
• C) Examine corporate minutes for loan approval.
• D) Foot the notes payable list for notes payable and accrued interest.

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Definitions:

Executive Summary

A concise summary of a business report or proposal, highlighting the key points and conclusions.

Graphics

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Memorandum Format

A commonly used structure for internal business communications, characterized by brevity, clarity, and a specific layout including to, from, date, and subject headings.

Letter Format

A structured way of organizing a written communication, typically including a date, salutation, body, closing, and signature.