Testing a sample of repairs and maintenance expense items to ensure that they were properly classified as repairs as opposed to property,plant,and equipment tests which of the following assertions for the repairs and maintenance expense account?

Question

Quizplus · Accepted Answer

Testing whether repairs and maintenance expenses are properly classified ensures that the transactions actually occurred and are not misclassified capital expenditures, thus testing the occurrence assertion.

Testing a Sample of Repairs and Maintenance Expense Items to Ensure