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Plant, property and equipment and limited life identifiable intangible assets are recorded at cost and depreciated or amortized over their estimated useful lives.  Auditors must satisfy themselves that such assets are accurately recorded at their original costs plus: a. their carrying amount is not impaired b. The estimated useful lives being used for depreciation and amortization are reasonable based on current and expected usage of the asset. c. depreciation and amortization are being calculated properly d. all of the above e. only B and C

Plant, property and equipment and limited life identifiable intangible assets are recorded at cost and depreciated or amortized over their estimated useful lives.  Auditors must satisfy themselves that such assets are accurately recorded at their original costs plus: a. their carrying amount is not impaired b. The estimated useful lives being used for depreciation and amortization are reasonable based on current and expected usage of the asset. c. depreciation and amortization are being calculated properly d. all of the above e. only B and C

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Plant, property and equipment and limited life identifiable intangible assets are recorded at cost and depreciated or amortized over their estimated useful lives.  Auditors must satisfy themselves that such assets are accurately recorded at their original costs plus:

a. their carrying amount is not impaired

b. The estimated useful lives being used for depreciation and amortization are reasonable based on current and expected usage of the asset.

c. depreciation and amortization are being calculated properly

d. all of the above

e. only B and C

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