Examining the repairs and maintenance expense account may uncover costs that should have been capitalised. Which management assertion is the auditor testing?
A) rights
B) completeness
C) existence
D) valuation

Question

Quizplus · Accepted Answer

The auditor is testing the completeness assertion because they are examining the repairs and maintenance expense account to uncover costs that should have been capitalized. This means that the auditor is trying to ensure that all costs that should have been capitalized have been included in the financial statements.

Examining the Repairs and Maintenance Expense Account May Uncover Costs