Auditors should obtain evidence that there are no significant amounts of unrecorded retirements of property, plant, and equipment
a. Describe two ways that the auditors obtain evidence that there are no significant amounts of unrecorded retirements of property (land).
b. Describe three ways that the auditors obtain evidence that there are no significant amounts of unrecorded retirements of equipment.
a. The auditors obtain evidence that there are no significant amounts of unrecorded retirements of property by (only two required):
• Examination of property tax bills.
• Vouching rent receipts from lessees.
• Examination of payments to mortgagee or trustee.
b. The auditors obtain evidence that there are no significant amounts of unrecorded retirements of equipment by (only three required):
• For major purchases, investigate related retirements.
• Analyze the Miscellaneous Revenue account to locate cash proceeds from sale of equipment.
• For discontinued operations, investigate related retirements.
• Inquire of executives and supervisors.
• Investigate reductions in insurance coverage.
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Riparian rights have to do with
A. subsurface mineral rights. B. water rights. C. airspace rights. D. leasehold rights.
Indicate whether each of the following statements is true or false. ________ a) Straight-line depreciation is the most widely used method in the U.S.________ b) An accelerated depreciation method provides a lower depreciation charge in the early years of an asset's life cycle than does the straight-line method.________ c) The units-of-production method allocates the cost of a plant asset in proportion to the asset's usage.________ d) Total depreciation expense recognized over the asset's life is not affected by the choice of depreciation methods.________ e) Recording depreciation expense affects the income statement and the statement of cash flows but neither the balance sheet nor the statement of changes in stockholders' equity.
What will be an ideal response?
One of the reasons why a salesperson must constantly look for new prospects is to:
A. increase product sales. B. gain additional sales presentation experience. C. prevent the loss of current customers. D. fill-in otherwise unproductive parts of the day. E. fulfill corporate social responsibilities.
External communication includes sharing ideas and messages with superiors, coworkers, and subordinates
Indicate whether the statement is true or false