Statements 1. A December 30 acquisition of a new plant asset was recorded after year-end rather than prior to year-end. Such an error does not usually result in a significant misstatement of 2. In the auditors' first examination of a new client that has changed auditors, the beginning balances of property, plant, and equipment accounts may be substantiated by referring to the predecessor auditors' expense accounts is to discover property items that 3. The auditors' principal objective in analyzing should have been capitalized. of property. 5. To provide assurance that the accounting department is notified of property retirements, a system of serially numbered should be used by the company. 4. Possession of a deed is not proof of present_ Answer
Statements 1. A December 30 acquisition of a new plant asset was recorded after year-end rather than prior to year-end. Such an error does not usually result in a significant misstatement of 2. In the auditors' first examination of a new client that has changed auditors, the beginning balances of property, plant, and equipment accounts may be substantiated by referring to the predecessor auditors' expense accounts is to discover property items that 3. The auditors' principal objective in analyzing should have been capitalized. of property. 5. To provide assurance that the accounting department is notified of property retirements, a system of serially numbered should be used by the company. 4. Possession of a deed is not proof of present_ Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format ?
Transcribed Image Text:Select the necessary words from the list of possibilities to complete the following statements.
Statements
1.
A December 30 acquisition of a new plant asset was recorded after year-end rather than prior to year-end. Such
an error does not usually result in a significant misstatement of
2.
In the auditors' first examination of a new client that has changed auditors, the beginning balances of property,
plant, and equipment accounts may be substantiated by referring to the predecessor auditors'
expense accounts is to discover property items that
3.
The auditors' principal objective in analyzing
should have been capitalized.
4. Possession of a deed is not proof of present
of property.
5.
To provide assurance that the accounting department is notified of property retirements, a system of serially
numbered
should be used by the company.
Answer
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education