1.companies generally do a fixed asset inventory including all property plant and equipment each year. a....
1.companies generally do a fixed asset inventory including all property plant and equipment each year.
a. True
b. False
2. The best evidence about fair value is obtained when there is an active market for the asset and the value of the asset may be determined by reference to sales of identical assets.
a. True
b. False
3. Companies generally do a fixed asset inventory including all property plant and equipment each year.
a. True
b.False
4. Auditing depreciation expense is usually considered to be associated with the assertion of presentation and disclosure.
a. True
b.False
5. If a company uses the modified accelerated cost recovery system to account for depreciation in preparing their financial statements, auditors are unlikely to be able to issue an unqualified opinion on their financial statements.
a. True
b.False
Homework Answers
1. Companies generally do a fixed asset inventory including all property plant and equipment each year.
Ans: True
2. The best evidence about fair value is obtained when there is an active market for the asset and the value of the asset may be determined by reference to sales of identical assets.
Ans: True
3. Companies generally do a fixed asset inventory including all property plant and equipment each year.
Ans: True
4. Auditing depreciation expense is usually considered to be associated with the assertion of presentation and disclosure.
Ans: True
5. If a company uses the modified accelerated cost recovery system to account for depreciation in preparing their financial statements, auditors are unlikely to be able to issue an unqualified opinion on their financial statements.
And: False.
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1.companies generally do a fixed asset inventory including all
property plant and equipment each year.
a....
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