Author Question: Auditors verify and emphasize current additions of equipment. Which of the following isnota reason ... (Read 57 times)

tashina2013 · **on:** Aug 21, 2022

Question 1

A set of records for each piece of equipment that includes descriptive information, date of acquisition, original cost, current year depreciation, and accumulated depreciation is the
◦ acquisitions schedule.
◦ depreciation schedule.
◦ fixed asset master file.
◦ file of purchase requisitions.

Question 2

Auditors verify and emphasize current additions of equipment. Which of the following is not a reason for this verification and emphasis?
◦ The amount of any given acquisition is often material.
◦ The equipment is likely to be kept and maintained in the accounting records for several years.
◦ There are usually fewer current period acquisitions of equipment, especially large equipment used in manufacturing.
◦ The balance carried forward in the equipment account from the previous year is important.

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

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