The process of allocating the cost of a building to expense while it is in use is called depletion.

T/F

The cost of an intangible asset is systematically allocated to depreciation expense over its estimated useful life.

T/F

TB MC Qu. 05-69 (Static) Which of the following is...

Which of the following is not an internal control that should be applied when a business takes a physical count of inventory?

Multiple Choice

• Prenumbered inventory tickets.

• A manager confirms that all inventories are ticketed only once.

• Counters confirm the existence, amounts, and condition of inventory.

• Second counts by a different counter.

• Counters of inventory should be those who are responsible for the inventory.