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Unformatted text preview: Review lease and rental agreements. 3. Rights or obligation Examine vendor invoices for terms of agreements. 4. Valuation and allocation Foot the acquisition schedule. Trace individual acquisitions for amounts and descriptions. Examine vendors invoices for accuracy. Examine vendors invoices in manufacturing equipment account to uncover items that should be classified as office equipment, part of the buildings, or repairs. Examine vendors invoices of closely related accounts such as repairs to uncover items that should be manufacturing equipment. Examine rent and lease expense for capitalizable leases. Review transactions near the balance sheet date for proper period. 5. Presentation and disclosure Verify that worksheet balances corresponds to General Ledger balances....
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This note was uploaded on 05/16/2011 for the course AC 404 taught by Professor Richardkido during the Spring '10 term at Chaminade University.
- Spring '10