Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following is not a standard internal control procedure for fixed assets? Multiple Choice -Authorize and justify the purchase of a sample of

Which of the following is not a standard internal control procedure for fixed assets?

Multiple Choice

-Authorize and justify the purchase of a sample of long-lived assets.

-Assign and, if possible, engrave an identification number on each asset.

-Maintain an asset register listing all capital assets, their costs, acquisition dates, location, and any other useful information.

- Assign responsibility for safekeeping, maintaining, and operating each asset to a specific person.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Cost Accounting

Authors: Don R. Hansen, Maryanne Mowen, Liming Guan, Mowen/Hansen

1st International Edition

0538749636, 978-0538749633

More Books

Students also viewed these Accounting questions

Question

How can evaluation of LMD become more than an act of faith?

Answered: 1 week ago