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

Question

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

Quizplus · Accepted Answer

The Answer of 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.A. Valuation or allocation
B. Occurrence
C. Completeness
D. Rights
 $\underline{\quad\quad}$1. Are paid notes canceled, stamped PAID, and filed?
$\underline{\quad\quad}$2. Are bank due notices compared with records of unpaid liabilities?
$\underline{\quad\quad}$3. Are notes payable kept by someone who cannot sign notes or checks?
$\underline{\quad\quad}$4. Is all borrowing authorization by the directors checked to determine whether a notes pavable are recorded?

For Each of the Internal Control Questions for Notes Payable ‾\underline{\quad\quad}​

For Each of the Internal Control Questions for Notes Payable $\underline{\quad\quad}$