In performing a search for unrecorded retirements of fixed assets, an auditor most likely would A. Inspect the property ledger and the insurance and tax records, and then tour the client's facilities. B. Tour the client's facilities, and then inspect the property ledger, and the insurance and tax records. C. Analyze the repair and maintenance account, and then tour the client's facilities. D. Tour the client's facilities, and then analyze the repair and maintenance account.
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44. In performing a search for unrecorded retirements of fixed assets, an auditor most likelywouldA.Inspect the property ledger and the insurance and tax records and then tour the client'sfacilitiesB.Tour the client's facilities and then inspect the property records and the insurance and taxrecordsC.Analyze the repair and maintenance account and then tour the client's facilitiesD.Tour the client's facilities and then analyze the repair and maintenance account
AACSB: AnalyticAICPA BB: Critical ThinkingAICPA FN: Decision MakingDifficulty: HardLearning Objective: 945. Determining that proper amounts of depreciation are expensed provides assurance aboutmanagement's assertions of presentation and disclosure and
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AACSB: CommunicationsAICPA BB: Critical ThinkingAICPA FN: MeasurementDifficulty: HardLearning Objective: 10Learning Objective: 914-23
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College Accounting, Chapters 1-27
Heintz/Parry
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Chapter 14 - Auditing Financing/Investing Process: Prepaid ...Short Answer Questions46. Describe the types of information that should be included in the schedule of prepaidinsurance that is used by the auditor as the basis for auditing prepaid insurance.
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AACSB: CommunicationsAICPA BB: Critical ThinkingAICPA FN: MeasurementDifficulty: EasyLearning Objective: 247. Auditors can usually gather sufficient, competent evidence on prepaid insurance byperforming substantive analytical procedures. Why is this?
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AACSB: AnalyticAICPA BB: Critical ThinkingAICPA FN: MeasurementDifficulty: ModerateLearning Objective: 248. List two ways an auditor can test the existence and completeness of insurance policies.
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AACSB: CommunicationsAICPA BB: Critical ThinkingAICPA FN: MeasurementDifficulty: EasyLearning Objective: 214-24
Chapter 14 - Auditing Financing/Investing Process: Prepaid ...49. Property, plant and equipment is often a significant portion of a company's assets.Describe the inherent risk factors that can affect the audit of this account.
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A. Inspect the property ledger and the insurance and tax records, and then tour the client's facilities. B. Tour the client's facilities, and then inspect the property ledger, and the insurance and tax records. C. Analyze the repair and maintenance account,
and then tour the client's facilities. D. Tour the client's facilities, and then analyze the repair and maintenance account. Answer: Inspect the property ledger and the insurance and tax records, and then tour the client's facilities. In performing a search for unrecorded retirements of fixed assets, an auditor most likely would
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