Entities Frequently Maintain a Capital Asset Register as a Subsidiary

question 66

Multiple Choice

Entities frequently maintain a capital asset register as a subsidiary ledger detailing individual items of PPE. Which of the following would an auditor not expect to find in a capital asset register?

• A) cost and accumulated depreciation
• B) the date of previous audit inspections
• C) serial number and supplier
• D) insurance cover

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Definitions:

Million

A numerical value representing one thousand thousands, or 1,000,000.

Extreme Poverty

A condition characterized by severe deprivation of basic human needs, often measured by the World Bank as living on less than $1.90 a day.

Economic Growth

The rise in the real market value of goods and services generated by an economy over a period.

Exchange Rates

The value of one currency for the purpose of conversion to another, reflecting the global market’s valuation of one currency compared to another.