The drawee of a check is not liable on the instrument until the check is _______.   a.) Accepted.   b.) Rejected.   c.) Dishonored.   d.) Presented.

Which of the following statements about confirming accounts receivable (A/R) and accounts payable (A/P) is true?   Question options:   A/R confirmations are more likely to include the client's balance than A/P confirmations.   A/R and A/P are always confirmed regardless of the materiality of the balance or risks of material misstatement.   The assertion with the highest risk of material misstatement for A/R and A/P is Existence.   Positive and negative confirmations are always used to audit A/R and A/P.

Why do you think the loan officer suspected that the accounts had not been adjusted prior to the preparation of the statements?

Assess the circumstances in which an S election versus C may be involuntarily terminated.