Theories: 1. Which of the following is an objective of Investment Existence Assertion: * a. To determine that investments are valued properly in accordance with generally accepted accounting principles b. To determine that the company owns or has ownership rights to all investments included in the statement of financial position. c. To determine that investments are all included in the statement of financial position. d. To determine that investments in securities (shares, bonds, notes) physically exist and in loans and advances exist. 2. Which is an audit procedure for Investment Existence Assertion: * : a. Inspect securities on hand IN 2. Which is an audit procedure for Investment Existence Assertion: * a. Inspect securities on hand b. Obtain confirmation of securities held by others c. Obtain or prepare listing of securities and investments owned by the company and related revenue accounts and reconcile to the general ledger. d. None of the above e. All of the above 3. Which of the following is an objective of Property, Plant & Equipment Completeness Assertion: * a. To determine that property & equipment are properly described and classified in the statement of financial position and related 3. Which of the following is an objective of Property, Plant & Equipment Completeness Assertion: a. To determine that property & equipment are properly described and classified in the statement of financial position and related disclosures are adequate. b. To determine that property and equipment is stated at cost and allowances or depreciation or depletion are on the basis of acceptable and consistent methods. c. To determine that property and equipment include all capitalizable costs and capitalizable costs are not expensed. d. To determine whether property and equipment included in the statement of financial position physically exist. 4. Which of the following is an audit procedure for Property, Plant and Equipment Valuation or Allocation Assertion: * a. Analyze repair and maintenance expense accounts b. Investigate status of property computed and equipment not in current use. c. Test client's computation of depreciation d. Perform analytical procedures for property and equipment e. All of the above 5. A property used in the operation of the business, has the significant characteristics of not being subject to depreciation. * O a. Wasting assets 5. A property used in the operation of the business, has the significant characteristics of not being subject to depreciation. * a. Wasting assets b. Intangible assets. c. Land improvements d. Land 6. Which of the following is an objective of Intangible Assets Rights and Obligation Assertion: * a. To determine that the intangible are stated at cost less amortization b. To determine that the intangible are owned by the company. c. To determine that all transactions related to intangibles have been properly recorded. d. To determine that intangibles exist and represented by 6. Which of the following is an objective of Intangible Assets Rights and Obligation Assertion: * a. To determine that the intangible are stated at cost less amortization b. To determine that the intangible are owned by the company. c. To determine that all transactions related to intangibles have been properly recorded. d. To determine that intangibles exist and represented by 6. Which of the following is an objective of Intangible Assets Rights and Obligation Assertion: * a. To determine that the intangible are stated at cost less amortization b. To determine that the intangible are owned by the company. c. To determine that all transactions related to intangibles have been properly recorded. d. To determine that intangibles exist and represented by contractual rights. 7. What are the things that should be examine to ensure that intangible assets exist we the company have the rights and economic advantages: * a. Legal documents b. Certificates c. Agreements 8. Prepaid expenses are classified as: * a. Current Assets b. Non-Current Assets c. Current Liabilities d. Expenses 9. Which prepaid expenses may use the audit procedure of "vouching of purchases: * a. Office supplies b. Prepaid insurance c. Prepaid rent 10. Which of account will be used for Treasury bills, bonds, ordinary shares, securities, etc. * a. Prepayments b. Property, Plant and Equipment c. Investment d. Intangible Assets