Multiple Choice
The audit objective which requires the auditor to determine that loans payable on the loans payable schedule are properly classified can be tested with the following procedure:
A) Confirm loans payable.
B) Examine notes, minutes and bank confirmations for restrictions.
C) Review the notes to determine whether any are with related parties.
D) Examine corporate minutes for loan approval.
Correct Answer:
Verified
Correct Answer:
Verified
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