Which of the following procedures would be included in the auditor's audit program for long-term debt?
a. Investigation of credits to the bond interest income account.
b. Inspection of the accounts payable master file.
c. Verification of the existence of the bondholders.
d. Review debt loan agreements.
d
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Which of the following is the result of the maker of a promissory note failing to pay the note on the due date?
A) a discounted note B) a depreciated note C) an amortized note D) a dishonored note
If actual capacity used exceeds expected capacity, the fixed overhead volume variance is favorable
Indicate whether the statement is true or false
A consumer's external social environment includes
A. cognitive, affective, and behavioral environments. B. impulse, habitual, and limited problem-solving processes. C. the customer's family, reference groups, and culture. D. universal, retrieval, and evoked sets. E. functional and psychological needs.
The rationale behind why the Glass-Steagall Act mandated the ban on commercial banks from dealing in securities markets and selling insurance was that such activities:
A. encouraged the banks to engage in fraudulent activities. B. exhausted the business assets of investment banks and insurance companies. C. reduced the banks' funds to create loans for their customers. D. exposed banks and their depositors to higher levels of risk.