For Each of the Internal Control Questions for Notes Payable,indicate

question 88

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.

$\begin{array}{lccc}\text {--- } & \text {1. Are paid notes canceled, stamped PAID, and } & \\\text {---} & \text { filed? } & \text { A. Valuation or allocation } \\\text {--- } & \text { 2. Are bank due notices compared with records} &\\\text { ---} & \text { of unpaid liabilities? } & \text { B. Oecurrence } \\\text { ---} & \text { 3. Are notes payable kept by someone who cannot } & \\\text { ---} & \text { sign notes or checks?} & \text { C. Completeness } \\\text { ---} & \text { 4. Is all borrowing authorization by the directors } & \\\text { ---} & \text { checked to determine whether all notes payable } & \\\text { ---} & \text { are recorded?} & \text {D. Rights } \\\end{array}$

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Definitions:

Optimists

Individuals who tend to maintain a positive outlook on life and anticipate favorable outcomes.

Consistent Losses

Repeated instances of failure or defeat, often leading to negative psychological effects like decreased motivation or self-esteem.

Optimistic Explanatory Style

A psychological attribute characterized by the tendency to attribute positive events to personal, permanent causes and negative events to external, temporary causes.

Health Problems

Issues or conditions that negatively impact an individual's physical, mental, or emotional well-being.