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It is common practice to audit the balance in notes payable inconjunction with the audit of interest expense and interest payable. Explain theadvantages of this approach.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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It is common practice to audit the balance in notes payable in
conjunction with the audit of interest expense and interest payable. Explain the
advantages of this approach.

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