The Audit Objective to Determine That Notes Payable in the Schedule

question 22

Multiple Choice

The audit objective to determine that notes payable in the schedule actually exist is verified by the test of details of balances procedure to

• A) foot the notes payable list.
• B) confirm notes payable.
• C) recalculate interest expense.
• D) examine the balance sheet for proper disclosure of noncurrent portions.

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Definitions:

Philanthropy

The desire to promote the welfare of others, expressed especially by the generous donation of money to good causes.

Minority Group

A category of people who experience relative disadvantage as compared to members of a dominant social group.

U.S. Census Bureau

A principal agency of the U.S. Federal Statistical System responsible for producing data about the American people and economy through censuses and surveys.

New Venture Creation

The process of designing, launching, and running a new business or enterprise.