In the Examination of Property,plant,and Equipment,the Auditor Tries to Determine

question 23

Multiple Choice

In the examination of property,plant,and equipment,the auditor tries to determine all of the following except the:

• A)Extent of the control risk.
• B)Extent of property abandoned during the year.
• C)Adequacy of replacement funds.
• D)Reasonableness of the depreciation.

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Definitions:

Government Accountants

Accountants who work within the public sector, responsible for managing and auditing the finances of government agencies.

Balance Sheet

A document that provides a snapshot of a corporation's financial status, by listing its assets, debts, and the equity available to its shareholders at a given time.

Financial Position

A snapshot of an entity's finances at a particular time, including assets, liabilities, and equity, showing its economic standing.

Liabilities

Financial obligations or debts that a business or individual owes to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.