The emphasis in auditing property, plant, and equipment is on the verification of:
A) the balance carried forward in the account from the previous period.
B) the balance in the account after the current year's activities are considered (ending balance).
C) current period acquisitions and retirements.
D) all of the above

Question

Quizplus · Accepted Answer

The emphasis in auditing property, plant, and equipment is on verifying the current period acquisitions and retirements. While verifying the balance carried forward from the previous period (A) and the ending balance (B) are also important, they are less relevant when it comes to auditing property, plant, and equipment. Therefore, option (C) - current period acquisitions and retirements - is the best choice.

The Emphasis in Auditing Property, Plant, and Equipment Is on the Verification