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bmwprincess bmwprincess
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In testing acquisitions, the auditor must understand the relevant accounting standards to insure the client adheres to accepted accounting practices for property, plant, and equipment. Describe three of the auditor's concerns in this area.
Textbook 

Auditing and Assurance Services


Edition: 17th
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djl4909djl4909
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More questions for this book are available here
(Answers may vary.)
inclusion of material transportation and installation costs as part of the asset's acquisition cost
failure to properly record the trade-in of existing equipment
client's capitalization policy to determine whether acquisitions are treated consistently with those of the preceding year
examine whether the client has the right to record the equipment as an asset (Capitalization of leased equipment or classification of the equipment as an operating lease)
Correct classification among various equipment accounts 
Improper inclusion of transactions that should be recorded as assets in repairs and maintenance expense, lease expense, supplies, small tools, and similar accounts

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