Which of the Following Is Not True About the Auditors

question 9

Multiple Choice

Which of the following is not true about the auditors' verification of notes receivable?

• A)The interest revenue on notes receivable is usually audited by independent computation.
• B)Inspecting the notes is sufficient evidence of existence of the notes.
• C)The auditors may evaluate the collectibility of notes by inspecting credit files.
• D)Confirmation of notes payable to banks may be accomplished in conjunction with the confirmation of cash balances.

Know how to properly format fields to accurately display the stored data.

Understand the significance and application of field size and decimal places in data representation.

Explain the process and reasoning behind setting up field properties for special requirements (e.g., fields that must contain values, unique constraints).

Recognize the importance of matching data types and field properties to the nature of the data being stored.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is global in scope.

GAAP Marketable Securities Guidance

Standards and guidelines provided by Generally Accepted Accounting Principles regarding the reporting and valuation of marketable securities.

Compare And Contrast

A method of evaluation that emphasizes similarities and differences between two or more subjects.

Long-Term Liabilities

Obligations a company owes that are due more than one year in the future, such as bonds payable, long-term loans, and pension obligations.