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L17 Notes_Part_13 - completeness and valuation 2 How would...

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Disposal of Property, Plant, and Equipment Voluntary disposals: Sale Trade-in Retirement Involuntary disposals: Fire Accident
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Property Management Process: Disposals Consequences of errors balances stays on books until fully depreciated, possibility of unauthorized sale often missed if asset is stolen or lost 1. What are the two most important objectives?
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Unformatted text preview: completeness and valuation 2. How would you uncover unrecorded disposals? a. determine whether new assets replace existing assets b. analyze gains on disposal and miscellaneous income accounts c. review changes in product lines, taxes, ins. coverage or premiums d. inquire of management and production personnel e. examine prop. tax bill for unusual changes...
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