Harisenin.com Day 4

The Property, Plant and Equipment (PPE) are expected to be used during more than..........................................

• One Period

• Two Periods

• Three Periods

The following isn't one of Key terms and definitions for PPE, namely....................................

• Depreciation

• Appreciable amount

• Useful life

The systematic allocation of the depreciable amount of an asset over its useful life is the definition of.................

• Depreciation

• Residual Value

• Useful Life

The following isn't one of the reason for derecognizing the carrying amount of an item of PPE from the financial statements, namely...............

• An item of PPE is disposed

• No further economic benefits are expected to flow its use or disposal

• The financial statements have bad reports

The factor might occur and will exist in the PPE account that may have material impact to the entity’s financial statements, except.......................

• Certain Risks

• Fraud Risk

• State Ownership

The objective of Substantive audit procedures is.............................

• Reviewing the significant additions and disposals

• Verifying whether the undepreciated carrying amount of PPE is expected to be recoverable by Company

• Ensuring the audit financial statements working smoothly

The following isn't relevant assertions that have the higher risks of material misstatements, namely...................................

• Existence

• Rights and Obligations

• Valuation

"All PPE owned by the entity at the balance sheet date are included on the balance sheet". This relevant assertion explains about.........................................

• Completeness

• Rights and Obligations

• Presentation and Disclosure

The substantive procedure that provides audit evidence through testing a sample of transactions or specific items within an account balances is the definition of

• Substantive Analytical Procedures over PPE

• Test of Details: PPE

• Roll-forward procedures

The roll-forward involves the examination of specific items to obtain further information about matters such as..........

• The Nature of the Capital

• The Nature of the Transaction

• The Nature of the Balance Sheet