Which of the following procedures is a test of control for the validity objective for notes payable?
A) Read minutes of director's meetings for authorization of financing transactions.
B) Select a sample of notes payable and vouch cash receipt to the bank statement.
C) Select a sample of paid notes and recalculate interest expense for the period under audit.
D) Select a sample of paid notes and trace interest costs to the general ledger expense account.
Correct Answer:
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