[The following information applies to the questions displayed below.] General Objectives for Asset Accounts The audit program for each financial statement account must be tailored to uncover potential misstatements in each account. While specific audit program steps must be tailored to each type of account, it is important to ensure that the auditors are meeting general objectives based on assertions. 1. A cutoff test that relates to plant assets typically affects 2. Because documents like checks, shipping documents, and receiving reports are usually easier for auditors to verify cutoff. 3. The amount appearing as an asset (inventory) on a financial statement is usually the accumulation of many items. 4. Fair values can be evaluated by comparing to prices on markets. 5. Auditors may use audit to test clerical accuracy. it is depreciation disclosures inventory the balance sheet the income statement