Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-The treasurer of a public company usually prepares the auditors' report.

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-The treasurer of a public company usually prepares the auditors' report.

Quizplus · Accepted Answer

The auditors' report is prepared by the company's external auditors, not the treasurer. The treasurer may prepare financial statements or reports for internal use, but the auditors' report is specifically prepared by independent auditors to provide an opinion on the financial statements' accuracy and compliance with accounting standards.

Cost of the Asset$100,000