FOR THE FOR THE FOLLOWING AUDIT OBJECTIVE IDENTIY THE APPROPRIATE FINANCIAL STATEMENT ASSERTION FROM THE OPTIONS AVAIALBLE : SOME MAY BE USED MORE THAN ONCE OR NOT AT ALL 5 x 8 points = 40 points

1. Property and equipment reflected in the balance sheet physically exist 2. The entity has legal title to the property and equipment 3. Property and equipment include those that are purchased, contributed, constructed in house or by third parties or leased 4. Depreciation calculations are made and allocated using proper estimated useful lives and methods 5. Property and equipment are related depreciation are appropriately presented in the financial statements and adequate disclosures made