The Audit Procedure "Foot the Schedule of Fixed Assets Acquisitions

question 127

True/False

The audit procedure "foot the schedule of fixed assets acquisitions and trace the total to the general ledger" relates most closely to the completeness objective for fixed assets acquisitions.

---

Definitions:

Cost Centres

Parts of an organization that do not directly generate revenue but incur costs, such as departments or divisions, which are important for budgeting and cost control.

Reportable Segments

Operating segments of a business that meet specific criteria requiring separate reporting under financial reporting standards.

Subsidiary Financial Statements

Financial statements that detail the financial status and performance of a subsidiary company, separate from its parent company's statements.

Management Approach

A principle in financial reporting that allows an entity to use its internal management structures and processes as the basis for organizing and presenting its financial information.