In the Audit of Property, Plant and Equipment, It Is

question 99

Multiple Choice

In the audit of property, plant and equipment, it is helpful to separate the tests into all of the following categories EXCEPT:

• A) verification of the beginning balance.
• B) verification of the ending balance.
• C) verification of current year disposals.
• D) verification of current year acquisitions.

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Definitions:

Article 9

A provision of the Uniform Commercial Code (UCC) that governs secured transactions or agreements involving personal property as collateral.

Collateral

Assets pledged by a borrower to secure a loan or guarantee repayment, which can be seized by the lender if the borrower fails to pay.

Security Instrument

A legal document that creates a lien on a property, securing the repayment of a loan or performance of an obligation.

Re-filed

The act of submitting or filing a document or case again after it has been dismissed or needs correction.