Advanced Audit, Chapter 22: Audit of the Capital Acquisition and Payment Cycle" flash cards

Note Payable

(22.2) A legal obligation to a creditor, which may be unsecured or secured by assets.

Capital Stock Certificate Record

(22.3) A record of the issuance and repurchase of capital stock for the life of the corporation.

Shareholder’s Capital Stock Master File

(22.3) A record of the outstanding shares at any given time.

Imprest Dividend

(22.3) A dividend account used to prevent the payment of larger amounts of dividends than was authorized.

Independent Registrar

(22.3) An outside entity engaged by a corporation to make sure that its stock is issued in accordance with capital stock provisions in the corporate charter and authorizations by the board of directors.

Stock Transfer Agent

(22.3) An outside entity engaged by a corporation to maintain the stockholder records and often disburse cash dividends.