Equipment on Hand Which Is No Longer Used in Operations

question 62

True/False

Equipment on hand which is no longer used in operations but which the auditor has physically verified as being in existence does not need to be evaluated for potential impairment.

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Definitions:

Save

The act of putting money aside in a safe place for future use or investment, typically in a bank account or other financial instrument.

Years

A unit of time equivalent to 365 or 366 days, used to measure durations or periods on a calendar basis.

Payments

Transactions involving the transfer of money from one party to another, often in exchange for goods or services.

Interest Rate

The borrowing cost that a lender imposes on a borrower, designated as a percentage of the principal for the use of property or money.