List two types of restrictions long-term creditors often put on companies when granting them a loan. How can the auditor find out about these restrictions?
List four examples of interest-bearing liability accounts commonly found in balance sheets. What characteristics do these liabilities have in common? How do they differ? 22-2 (OBJECTIVE 22-2) 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. […]