Notes payable is the amount of promissory notes issued by the concern due within one year also known as current liability. Notes payable is known as bills payable. A note payable is also accepted in place of accounts payable for a credit purchase. To choose: The correct statement concerning the auditor most likely include on a control questionnaire for notes payable.

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Chapter 15, Problem 15.11MCQ

To determine

Concept Introduction:

Notes payable is the amount of promissory notes issued by the concern due within one year also known as current liability. Notes payable is known as bills payable. A note payable is also accepted in place of accounts payable for a credit purchase.

To choose: The correct statement concerning the auditor most likely include on a control questionnaire for notes payable.

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