Select the necessarv words from the list of possibilities to complete the followina statements

Select the necessary words from the list of possibilities to complete the following statements. A December 30 acquisition of a new plant asset was recorded after year-end rather than prior to year-end. Such an error does not usually result in a significant misstatement of 2. 4. 6. T A company should maintain a of property. for plant and equipment, consisting of a separate record for each unit A dollar minimum ordinarily should be established to be used by accounting personnel for distinguishing between capital and expenditures To provide assurance that the accounting department is notified of property retirements, a system of serially numbered should be used by the company The auditors' principal objective in analyzing should have been capitalized expense accounts is to discover property items that In the auditors' first examination of a new client that has changed auditors, the beginning balances of property, plant, and equipment accounts may be substantiated by referring to the predecessor auditors' The plant and equipment budget is designed to control Possession of a deed is not proof of present of property items. of property. Good evidence of ownership of property often is found by examining current bills. The intangible asset known as arises in accounting for a business combination, and should be amortized as its value becomes impaired over the years. A company may not actually own propeny recorded as an asset, instead the company may have rights to the asset under the terms of a