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How to test the internal control for long term financial

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Reference no: EM132987184

Problem 1: How to test the internal control for Long Term Financial Liability:

a. Look into the minutes of the board meeting to see if the financial liability transactions are authorized or not.

b. All of the above

c. Look into the minutes of the board meeting for financial liability transactions for the year and compare it to the recorded per book of the company to see if what was recorded are authorized or not.

d. Both b and c

e. Both a and b

f. Look into the minutes of the board meeting for financial liability transactions for the year and compare it to the recorded per book to determine if those transactions in the minutes are recorded or not.

Problem 2: The following methods are used in doing substantive procedures for interest expense and discounts/premiums, except:

a. The Initial carrying amount of the bond is determine by deducting transaction cost from the present value of the bond or cash price equivalent

b. none of the above.

c. In doing the amortization table for the testing, if what is to be amortized is a discount, the formula should be "= interest expense less interest payment".

d. One cannot perform the goal-seek formula without having the amortization table formatted.

e. Effective interest rate for the bond is determined using the goal-seek formula in excel.

Reference no: EM132987184

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