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Exam AUD topic 1 question 602 discussion

Actual exam question from AICPA's AUD
Question #: 602
Topic #: 1
[All AUD Questions]

Which of the following pairs of accounts would be analyzed together in the audit documentation?

  • A. Notes receivable and interest income.
  • B. Accrued interest receivable and accrued interest payable.
  • C. Notes payable and notes receivable.
  • D. Interest income and interest expense.
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Suggested Answer: A 🗳️
Choice "A" is correct. The auditor would most likely analyze notes receivable and its related income statement account, interest income, together.
Choice "B" is incorrect. Accrued interest payable would be analyzed along with notes payable; accrued interest receivable would be analyzed along with notes receivable.
Choice "C" is incorrect. Notes payable would be analyzed along with interest payable and interest expense; notes receivable would be analyzed along with interest income.
Choice "D" is incorrect. Interest income would be analyzed with notes receivable; interest expense would be analyzed with notes payable.
by gemazyni at April 5, 2025, 4:52 p.m.

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