If a Company Has Only a Few Long-Lived Assets of Relatively

question 52

True/False

If a company has only a few long-lived assets of relatively high value,the most efficient approach for an auditor would be to use tests of details for obtaining evidence.

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Definitions:

Assurance

A formal declaration intended to give confidence or guarantee of certain outcomes or conditions.

Promise

An assurance that one will or will not do something in the future.

Unilateral Contract

A unilateral contract is a type of agreement in which an offer can only be accepted through performance, meaning one party promises to do something in return for the act of the other party.

Bilateral Contract

A type of contract involving two parties where each side promises to perform an act in exchange for the other party's act.