Which of the following is not a typical internal control over long-lived assets?
A)Reconcile physical asset inventory with the property ledger.
B)Periodically reassess the appropriateness of depletion categories.
C)Identify obsolete or scrapped equipment and write it down to scrap value.
D)Periodically review management strategy and systematically assess the impairment of assets.

Question

Quizplus · Accepted Answer

Periodically reassessing the appropriateness of depletion categories is not a typical internal control over long-lived assets. The other options listed (reconciling physical asset inventory, identifying obsolete equipment and writing it down, reviewing management strategy and assessing asset impairment) are all common internal controls over long-lived assets.

Which of the Following Is Not a Typical Internal Control