Answer Options for Question 1: accrual, cash account, payable, receivable, note, share

Answer Options for Question 2: cash, disposal, future, permanent, prior, trash,

Answer Options for Question 3: cash, depreciation, prepaid, property, receivable,

Answer Options for Question 4: auditor, client, customer, employee, trustee, vendor

Answer Options for Question 5: adjustments, borrowings, disposals, errors, increases, payments

Required information Substantive Procedures for Debt Read the overview below and complete the activities that follow. Debt transactions are often few in number but large in dollar amount. As such, auditors are generally able to substantiate individual transactions rather easily. CONCEPT REVIEW: In an integrated audit of debt, a greater number of transactions are tested using dual purpose tests than for other accounts. Dual purpose tests are tests of both controls and substantive tests done at the same time. The auditor typically performs traditional substantive tests including sending out confirmations and examining copies of notes payable. 1 A notes payable analysis shows the beginning balance, additional notes, and the ending balance of each individual 2. Actual signed copies of the notes are often put in the auditors' file 3. Notes payable to financial institutions are often confirmed together with the accounts. 4. Bond transactions are typically confirmed directly with the 5. Debits to a mortgage payable account typically are on the account