Question

Below are 10 documents typically examined during an audit. Classify each document as either internal or external.

1. Canceled checks for payments of accounts payable.
2. Payroll time cards.
3. Duplicate sales invoices.
4. Vendors' invoices.
5. Bank statements.
6. Minutes of the board of directors' meetings.
7. Signed lease agreements.
8. Notes receivable.
9. Subsidiary accounts receivable records.
10. Remittance advices.

Answer 1

This is a question about classifying documents as internal or external in an audit, and the documents are explained and classified.

Step-by-step explanation:

Below are the 10 documents typically examined during an audit:

1. Canceled checks for payments of accounts payable: internal document
2. Payroll time cards: internal document
3. Duplicate sales invoices: internal document
4. Vendors' invoices: external document
5. Bank statements: external document
6. Minutes of the board of directors' meetings: internal document
7. Signed lease agreements: external document
8. Notes receivable: internal document
9. Subsidiary accounts receivable records: internal document
10. Remittance advices: external document