In Auditing Intangible Assets, an Auditor Most Likely Would Review

question 69

Multiple Choice

In auditing intangible assets, an auditor most likely would review or recompute amortization and determine whether the amortization period is reasonable in support of the ASB balance assertion of:

• A)valuation.
• B)existence.
• C)completeness.
• D)rights and obligations.

---

Definitions:

Externally Restricted Contribution

Funds received by an organization that are designated for specific purposes by the donor, restricting their use by the recipient.

General Fund

The principal fund of a governmental entity, covering most basic operational activities and services.

Deferral Method

An accounting practice where revenue or expenses are recognized at a date later than when they were initially incurred, often applied to revenue received in advance or prepayments of expenses.

Pledge

A commitment or security for the payment of a debt, performance of an action, or purchase of a good.