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Non Current Assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Non Current Assets

  • This topic has 3 replies, 2 voices, and was last updated 9 months ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • July 28, 2024 at 4:32 pm #708927
    radhwaan
    Participant
    • Topics: 29
    • Replies: 42
    • ☆☆

    An audit program for plant and equipment includes the following procedure

    “For a sample of additions recorded in the non-current asset register agree the details (e.g. description, amount and date) to the purchase invoice.”

    Which of the following assertions is tested by this procedure?

    A. Completeness
    B. Existence
    C. Occurrence
    D. Rights

    I think the answer is B.Existence, but studyhub says that its Occurrence but this assertion isn’t even relevant to account balances. So could you tell me if I’m wrong here or is the Studyhub answer wrong?

    Thank you.

    July 29, 2024 at 7:51 am #708942
    Kim Smith
    Keymaster
    • Topics: 132
    • Replies: 8265
    • ☆☆☆☆☆

    Additions are PURCHASES of non-current assets – i.e. a class of transactions.

    The existence assertion concerns physical existence at the reporting date – that an asset was acquired sometime during the year does not test this assertion (because it could be lost/stolen/sold etc before the year end).

    August 3, 2024 at 5:19 pm #709142
    radhwaan
    Participant
    • Topics: 29
    • Replies: 42
    • ☆☆

    Thank you ma’am, doubt cleared!

    August 3, 2024 at 6:50 pm #709144
    Kim Smith
    Keymaster
    • Topics: 132
    • Replies: 8265
    • ☆☆☆☆☆

    Fantastic! Keep those questions coming!

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘Non Current Assets’ is closed to new replies.

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