In deciding on the reasonableness of the useful lives assigned to newly acquired assets, the auditor must consider which of the following factors?
A) Policies on trading in equipment
B) The expected life of the asset
C) The actual physical life of the asset
D) All of the above

Question

Quizplus · Accepted Answer

The auditor must consider all factors, including policies on trading in equipment, the expected life, and the actual physical life of the asset, to assess the reasonableness of the useful lives assigned to newly acquired assets.

In Deciding on the Reasonableness of the Useful Lives Assigned