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.

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

Determine the role of alkanes in environmental and industrial applications.

Draw structural formulas for simple and complex alkanes.

Explain the hydrophobic nature of alkanes and their behavior in aqueous environments.

Understand key concepts and terminology related to collaborations, mergers, and partnerships among organizations.

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Definitions:

Corporation

is a legal entity recognized by law as a separate entity from its owners, with its own rights and obligations.

Variable Costing

A costing method that includes only variable manufacturing costs in product costs and treats fixed manufacturing overhead as a period expense.

Absorption Costing

An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - as part of the cost of a product.

Carrying Value

The net amount at which an asset is valued on a company's balance sheet, considering its original cost minus any depreciation, amortization, or impairment costs.