The Engineering Department at Omni Company Built a Piece of Equipment

question 12

Multiple Choice

The engineering department at Omni Company built a piece of equipment in the company's own shop for use in the company's operations. When looking at the ending balance for the fixed asset account the auditor examined all work orders, purchased materials, labor cost reports, and applied overhead that were capitalized as part of the equipment costs. Which of the following is the ASB balance assertion most closely related to the auditor's testing?

• A)Existence.
• B)Completeness.
• C)Rights and obligations.
• D)Valuation.

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