1. A note payable analysis shows the beginning balance, additional notes, and the ending balance of each individual ______

a. Payable

b. Note

c. Share

d. Accrual

e. Receivable

f. Cash account

2. Actual signed copies of the notes are often put in the auditors _______ file

a. Disposal

b. Future

c. Cash

d. Prior

e. Permanent

f. Trash

3. Notes Payable to financial institutions are often together with the ________ accounts

a. Property

b. Prepaid

c. Cash

d. Depreciation

e. Receivable

4. Bond transactions are typically confirmed directly with the _______

a. Trustee

b. Auditor

c. Vendor

d. Employee

e. Customer

f. Client

5. Debits to a mortgage account typically are _____ on the account

a. Errors

b. Payments

c. Increases

d. Borrowings

e. Disposals

f. adjustments

6. Confirmations should be drafted on client ______

a. Financial statements

b. Deposit slips

c. Bond slips

d. Bank statement

e. Letterhead

7. Confirmation should include a request that the bank confirm _________ borrowings

a. Current

b. Most

c. Recent

d. Some

e. All

8. Auditors need to determine whether debt ___________ have been met

a. Compliance

b. Procedures

c. Covenants

d. Borrowings

e. authority

9. _______ transactions are examined for all large debt agreements

a. Material

b. Most

c. Immaterial

d. Individual

e. Some

10. A copy of debt agreements is typically housed in the ______ file

a. Audit

b. Permanent

c. Trash

d. Current

e. Prior year

11. A waiver needs to be received from the ________

a. Client

b. Auditor

c. CFO

d. Accountant

e. Bank/lender

12. Convents are typically calculated as of _______

a. Testing date

b. Audit date

c. Interim date

d. Year end

e. Field work

13. Waivers must be dated the same date as the ______

a. Notice of violation

b. Debt agreement

c. Audit report

d. Balance sheet

e. Field work

14. Waivers must extend for a period of ______

a. One month

b. One year

c. Six months

d. Indefinite time

e. One quarter

15. Covenant violations should still be disclosed in the _____

a. Audit minutes

b. Board minutes

c. Bank statements

d. General ledger

e. Financial statements