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For Each of the Internal Control Questions for Notes Payable

Question 99

Matching

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.

Premises:

Responses:

Are paid notes canceled, stamped PAID, and filed?

Valuation or allocation

Are bank due notices compared with records of unpaid liabilities?

Occurrence

Are notes payable kept by someone who cannot sign notes or checks?

Completeness

Is all borrowing authorization by the directors checked to determine whether all notes payable are recorded?

Rights

Premises:

Are paid notes canceled, stamped PAID, and filed?

Are bank due notices compared with records of unpaid liabilities?

Are notes payable kept by someone who cannot sign notes or checks?

Is all borrowing authorization by the directors checked to determine whether all notes payable are recorded?

Responses:

Valuation or allocation

Occurrence

Completeness

Rights

Correct Answer:

Premises:

Responses:

Are paid notes canceled, stamped PAID, and filed?

Are bank due notices compared with records of unpaid liabilities?

Are notes payable kept by someone who cannot sign notes or checks?

Is all borrowing authorization by the directors checked to determine whether all notes payable are recorded?

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