Author Question: In testing acquisitions the auditor needs to understand the appropriate accounting guidance related ... (Read 48 times)

Tb12162018 · **on:** Aug 21, 2022

Question 1

In determining the reasonableness of the client's amount for depreciation expense the auditor is primarily concerned that the client has followed a consistent policy and the calculations are correct. Which of the following audit objectives best addresses the above concerns?
◦ existence
◦ accuracy
◦ valuation
◦ allocation

Question 2

In testing acquisitions the auditor needs to understand the appropriate accounting guidance related to acquisition accounting. Which of the following is not an accounting consideration for the auditor as regards to acquisition cost?
◦ inclusion of material transportation and installation costs
◦ recording of trade-in costs
◦ allocating costs when building and equipment are purchased at one price
◦ verifying that purchased equipment amounts correspond to the budgeted amount

marufp · **Reply #1 on:** Aug 21, 2022

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