Question

Which of the following best describes the independent auditors' approach to obtaining satisfaction concerning depreciation expense in the income statement? Multiple Choice () Reconcile the amount of depreciation expense to those amounts credited to accumulated depreciation accounts 0 Establish the basis for depreciable assets and verify the depreciation expense Determine the method for computing depreciation expense and ascertain that is in accordance with generally accepted accounting principles C ) Verify the mathematical accuracy of the amounts charged to income as a result of depreciation expense

Answer 1

Solution:

"Establish the basis for depreciable assets and verify the depreciation expense" best describes the independent auditors' approach to obtaining satisfaction concerning depreciation expense in the income statement.

Hence 2nd option is correct.