In Testing Plant and Equipment Balances, an Auditor May Inspect

question 45

Multiple Choice

In testing plant and equipment balances, an auditor may inspect new additions listed on the analysis of plant and equipment. This procedure is designed to obtain evidence concerning management's assertion(s) about:

• A)presentation.
• B)existence.
• C)both (1)presentation and (2)existence.
• D)neither (1)presentation nor (2)existence.

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Definitions:

Pharyngeal Gill Slits

Openings in the pharynx that serve as a respiratory feature in some aquatic organisms, a characteristic of chordates.

Nerve Cord

Bundle of nerves that runs the length of a body.

Adult Tunicates

Marine invertebrates that, during their adult stage, are fixed in place and have a sac-like body covered by a tunic.

Anatomically Modern Humans

Homo sapiens exhibiting physical characteristics similar to those of human populations today, dating back approximately 200,000 years ago.