Testing a Sample of Repairs and Maintenance Items to Ensure

question 63

Multiple Choice

Testing a sample of repairs and maintenance items to ensure that they were properly classified as repairs as opposed to property, plant, and equipment tests which of the following assertions for the property, plant, and equipment account?

• A)Occurrence.
• B)Completeness.
• C)Cutoff.
• D)Authorization.

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Definitions:

Fiscal Year

A one-year period used for financial reporting and budgeting, not necessarily coinciding with the calendar year.

Government Expenditures

The financial spending by the government for its operations and public services.

Federal Level

Pertaining to the central government of a federation as opposed to state, provincial, or local levels.

Government Spending

Expenditures by the government for goods and services that government consumes for public purposes or to benefit its citizens.