Is a notes payable master file maintained

Assignment Help Accounting Basics

Reference no: EM132781414

problem 1. Are liabilities for notes payable incurred only after written authorization by a proper company official?

problem 2. Is a notes payable master file maintained?

problem 3. Is the individual who maintains the notes payable master file someone other than the person who approves the issue of new notes or handles cash?

problem 4. Are paid notes cancelled and retained in the company files?

problem 5. Is a periodic reconciliation made of the notes payable master file with the actual notes outstanding by an individual who does not maintain the master file?

problem 6. Are interest expense and accrued interest recomputed periodically by an individual who does not record interest transactions?

Reference no: EM132781414

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