Which of the following questions would an auditor likely include on an internalcontrol questionnaire for notes payable?(1) Are assets that collateralize notes payable critically needed for the entity’s continued existence?(2) Are two or more authorized signatures required on checks that repay notes payable?(3) Are the proceeds from notes payable used for the purchase of noncurrent assets?(4) Are direct borrowings on notes payable authorized by the board of directors?
Which of the following questions would an auditor likely include on an internalcontrol questionnaire for notes payable?(1) Are assets that collateralize notes payable critically needed for the entity’s continued existence?(2) Are two or more authorized signatures required on checks that repay notes payable?(3) Are the proceeds from notes payable used for the purchase of noncurrent assets?(4) Are direct borrowings on notes payable authorized by the board of directors?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
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Which of the following questions would an auditor likely include on an internal
control questionnaire for notes payable?
(1) Are assets that collateralize notes payable critically needed for the entity’s continued existence?
(2) Are two or more authorized signatures required on checks that repay notes payable?
(3) Are the proceeds from notes payable used for the purchase of noncurrent assets?
(4) Are direct borrowings on notes payable authorized by the board of directors?
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